• Capital City Bank Group, Inc. Reports First Quarter 2024 Results

    来源: Nasdaq GlobeNewswire / 22 4月 2024 06:00:01   America/Chicago

    TALLAHASSEE, Fla., April 22, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $12.6 million, or $0.74 per diluted share, for the first quarter of 2024 compared to $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023, and $13.7 million, or $0.80 per diluted share, for the first quarter of 2023.

    QUARTER HIGHLIGHTS (1st Quarter 2024 versus 4th Quarter 2023)

    Income Statement

    • Tax-equivalent net interest income totaled $38.4 million compared to $39.3 million for the prior quarter reflective of one less calendar day and higher deposit cost – total deposit cost increased 19 basis points to 85 basis points – net interest margin decreased six basis points to 4.01%
    • Stable credit quality metrics and lower loan growth drove a $1.1 million reduction in credit loss provision – net loan charge-offs were 22 basis points (annualized) of average loans – allowance coverage ratio of 1.07%
    • Noninterest income increased $0.9 million, or 5.5%, due to higher mortgage banking revenues and wealth management fees
    • Noninterest expense was well controlled with a $0.2 million, or 0.5%, increase for the quarter

    Balance Sheet

    • Loan balances grew $17.4 million, or 0.6% (average), and declined $2.7 million, or 0.1% (end of period)
    • Deposit balances increased by $28.0 million, or 0.8% (average), and decreased $47.0 million, or 1.3% (end of period)
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.52, or 2.5% – accumulated other comprehensive loss remained stable
    • Repurchased 82,540 shares of common stock

    “Overall, we are pleased with the first quarter as we realized solid earnings and capital growth,” said William G. Smith, Jr., Chairman, President, CEO of Capital City Bank Group. “Credit quality remained stable, average deposits grew, and the dividend increased 5 percent. While the operating environment remains challenging, we believe we are well positioned and have strategies in place to achieve a solid year of performance.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the first quarter of 2024 totaled $38.4 million, compared to $39.3 million for the fourth quarter of 2023, and $40.5 million for the first quarter of 2023. Compared to both prior periods, the decline was primarily attributable to an increase in deposit interest expense, partially offset by higher loan interest income. The increase in deposit interest expense was primarily attributable to higher average money market 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 these products. The increase in loan interest income reflected existing loans re-pricing at higher rates and new loan volume at higher rates. Further, the first quarter of 2024 had one less calendar day compared to the fourth quarter of 2023 and one additional calendar day compared to the first quarter of 2023.

    Our net interest margin for the first quarter of 2024 was 4.01%, a decrease of six basis points from the fourth quarter of 2023 and a decrease of three basis points from the first quarter of 2023. The decrease compared to both prior periods primarily 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 loan repricing at higher rates. For the first quarter of 2024, our cost of funds was 88 basis points, an increase of 15 basis points over the fourth quarter of 2023 and an increase of 53 basis points over the first quarter of 2023. Our cost of deposits (including noninterest bearing accounts) was 85 basis points, 66 basis points, and 26 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision for credit losses of $0.9 million for the first quarter of 2024 compared to $2.0 million for the fourth quarter of 2023 and $3.1 million for the first quarter of 2023. The decrease in the provision compared to both prior periods was primarily attributable to a lower level of reserves required for new loans, favorable loan grade migration, and lower loss rates. We discuss the allowance for credit losses further below.

    Noninterest Income and Noninterest Expense

    Noninterest income for the first quarter of 2024 totaled $18.1 million compared to $17.2 million for the fourth quarter of 2023 and $17.8 million for the first quarter of 2023. The $0.9 million increase over the fourth quarter of 2023 was due to a $0.5 million increase in mortgage banking revenues and a $0.4 million increase in wealth management fees. Compared to the first quarter of 2023, the $0.3 million increase was primarily attributable to higher wealth management fees of $0.7 million partially offset by lower other income of $0.3 million. For both prior period comparisons, the increase in mortgage banking revenues reflected a higher volume of rate locks and third-party loan sales. A combination of higher trust fees, retail brokerage fees, and insurance commissions drove the increase in wealth management fees over the fourth quarter of 2023. Higher retail brokerage fees of $0.4 million and trust fees of $0.2 million drove the increase over the first quarter of 2023. The decrease in other income was primarily due to lower loan servicing income and miscellaneous income.

    Noninterest expense for the first quarter of 2024 totaled $40.2 million compared to $40.0 million for the fourth quarter of 2023 and $37.7 million for the first quarter of 2023. The $0.2 million increase over the fourth quarter of 2023 reflected a $0.6 million increase in compensation expense that was partially offset by decreases in occupancy expense of $0.1 million and other expense of $0.3 million. The increase in compensation expense was primarily attributable to higher payroll taxes (annual re-set) and 401k plan matching expense. Compared to the first quarter of 2023, the $2.5 million increase reflected higher other expense as we realized a $1.8 million gain from the sale of other real estate (banking office) in the first quarter of 2023. Further, compensation expense was $0.9 million higher primarily due to a lower level of realized loan cost (credit offset to salary expense) due to decreased new loan production.

    Income Taxes

    We realized income tax expense of $3.5 million (effective rate of 23.0%) for the first quarter of 2024 compared to $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023 and $3.7 million (effective rate of 21.3%) for the first quarter of 2023. The increase in our effective tax rate for the first quarter of 2024 compared to both prior periods was primarily due to a lower level of tax benefit accrued from an investment in a solar tax credit equity fund. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 23% for 2024.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.850 billion for the first quarter of 2024, an increase of $25.6 million, or 0.7%, over the fourth quarter of 2023, and a decrease of $213.1 million, or 5.2%, from the first quarter of 2023. The variance for both prior period comparisons was driven by change in deposit balances (see below – Deposits). Compared to both prior periods, the mix of earning assets improved as overnight funds were utilized to fund loan growth.

    Average loans held for investment (“HFI”) increased $17.4 million, or 0.6%, over the fourth quarter of 2023 and $146.2 million, or 5.7%, over the first quarter of 2023. Compared to both prior periods, the increase was primarily due to an increase in residential loans partially offset by a decline in consumer loans (primarily auto). Period end loans decreased $2.7 million, or 0.1%, from the fourth quarter of 2023 and increased $74.0 million, or 2.8%, over the first quarter of 2023. The decrease from the fourth quarter of 2023 was primarily due to lower consumer (auto) loan portfolio balances partially offset by growth in residential loans. Compared to the first quarter of 2023, the increase reflected growth in residential loans and, to a lesser extent, commercial real estate loans partially offset by lower consumer (auto) loan balances.

    Allowance for Credit Losses

    At March 31, 2024, the allowance for credit losses for HFI loans totaled $29.3 million compared to $29.9 million at December 31, 2023 and $26.8 million at March 31, 2023. Activity within the allowance is provided on Page 9. The decrease in the allowance from December 31, 2023 was primarily due to favorable loan grade migration, lower loss rates, and a combination of lower loan balances and shift in mix within the portfolio. Compared to March 31, 2023, the increase was primarily driven by loan growth. At March 31, 2024, the allowance represented 1.07% of HFI loans compared to 1.10% at December 31, 2023, and 1.01% at March 31, 2023.

    Credit Quality

    Overall credit quality remained stable. Nonperforming assets (nonaccrual loans and other real estate) totaled $6.8 million at March 31, 2024 compared to $6.2 million at December 31, 2023 and $4.6 million at March 31, 2023. At March 31, 2024, nonperforming assets as a percent of total assets equaled 0.16%, compared to 0.15% at December 31, 2023 and 0.10% at March 31, 2023. Nonaccrual loans totaled $6.8 million at March 31, 2024, a $0.6 million increase over December 31, 2023 and a $2.2 million increase over March 31, 2023. Further, classified loans totaled $22.3 million at March 31, 2024, a $0.1 million increase over December 31, 2023 and a $10.1 million increase over March 31, 2023.

    Deposits

    Average total deposits were $3.577 billion for the first quarter of 2024, an increase of $28.0 million, or 0.8%, over the fourth quarter of 2023 and a decrease of $240.8 million, or 6.3%, from the first quarter of 2023. Compared to the fourth quarter of 2023, the increase reflected a higher average balance for public funds (municipal clients - primarily NOW accounts) which typically peak late in the fourth quarter. Further, we realized growth in both our money market and CD balances which reflected a combination of balances migrating from noninterest bearing and savings accounts, in addition to receiving new deposits from existing and new clients. Compared to the first quarter of 2023, the decrease was primarily attributable to lower noninterest bearing and savings accounts, partially offset by increases in money market and CD balances. The decrease in noninterest bearing and savings accounts reflected a combination of consumer/business spend of pandemic related stimulus funds and rate sensitive clients seeking higher yields, partially offset by the aforementioned migration to higher rate deposit products (money market and CD). We continue to closely monitor our cost of deposits and deposit mix as we manage through this higher interest rate environment.

    Liquidity

    The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $140.5 million in the first quarter of 2024 compared to $99.8 million in the fourth quarter of 2023 and $361.0 million in the first quarter of 2023. Compared to the fourth quarter of 2023, the increase was driven by average deposit growth and investment portfolio run-off, partially offset by average loan growth. Compared to the first quarter of 2023, the decrease was attributable to lower average deposit balances and growth in our loan portfolio, partially offset by investment portfolio run-off.

    At March 31, 2024, we had the ability to generate approximately $1.542 billion (excludes overnight funds position of $231 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 March 31, 2024, the weighted-average maturity and duration of our portfolio were 2.76 and 2.39 years, respectively, and the available-for-sale portfolio had a net unrealized tax-effected loss of $26.0 million.

    Capital

    Shareowners’ equity was $448.3 million at March 31, 2024 compared to $440.6 million at December 31, 2023 and $403.3 million at March 31, 2023. For the first three months of 2024, shareowners’ equity was positively impacted by net income attributable to shareowners of $12.6 million, net adjustments totaling $0.6 million related to transactions under our stock compensation plans, stock compensation accretion of $0.4 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 $3.6 million ($0.21 per share), the repurchase of stock of $2.3 million (82,540 shares), and a $0.3 million increase in the net unrealized loss on available for sale securities.

    At March 31, 2024, our total risk-based capital ratio was 16.84% compared to 16.57% at December 31, 2023 and 15.29% at March 31, 2023. Our common equity tier 1 capital ratio was 13.82%, 13.52%, and 12.40%, respectively, on these dates. Our leverage ratio was 10.45%, 10.30%, and 9.09%, respectively, on these dates. At March 31, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 8.53% at March 31, 2024 compared to 8.26% and 7.20% at December 31, 2023 and March 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $21.6 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 8.01%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; legislative or regulatory changes; adverse developments in the financial services industry generally, such as bank failures and any related impact on depositor behavior; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances, as necessary; 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 and related interest rate risk or price risk resulting from retaining mortgage servicing rights and the potential effects of higher interest rates on our loan origination volumes; the effects of actions taken by governmental agencies to stabilize the recent volatility in the financial system and the effectiveness of such actions; changes in monetary and fiscal policies of the U.S. Government; the effects of security breaches and computer viruses that may affect our computer systems or fraud related to debit card products; the accuracy of our financial statement estimates and assumptions, including the estimates used for our allowance for credit losses, deferred tax asset valuation and pension plan; changes in our liquidity position; 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, including the risks of loan segments, geographic and industry concentrations; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; our ability to declare and pay dividends, the payment of which is subject to our capital requirements; changes in the securities and real estate markets; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effect of corporate restructuring, acquisitions or dispositions, including the actual restructuring and other related charges and the failure to achieve the expected gains, revenue growth or expense savings from such corporate restructuring, acquisitions or dispositions; the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies (including pandemics, such as the COVID-19 pandemic), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate; the impact of the restatement of our previously issued consolidated statements of cash flows for the years ended December 31, 2021 and 2022 and for the each of the three month periods ended March 31, 2022 and 2023, six month periods ended June 30, 2022 and 2023 and nine month periods ended September 30, 2022 and 2023; 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 and vice versa; increased competition and its effect on pricing; technological changes; 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 outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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 MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data)Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023
    Shareowners' Equity (GAAP) $448,314 $440,625 $419,706 $412,422 $403,260 
    Less: Goodwill and Other Intangibles (GAAP)  92,893  92,933  92,973  93,013  93,053 
    Tangible Shareowners' Equity (non-GAAP)A 355,421  347,692  326,733  319,409  310,207 
    Total Assets (GAAP)  4,259,922  4,304,477  4,138,287  4,391,206  4,401,762 
    Less: Goodwill and Other Intangibles (GAAP)  92,893  92,933  92,973  93,013  93,053 
    Tangible Assets (non-GAAP)B$4,167,029 $4,211,544 $4,045,314 $4,298,193 $4,308,709 
    Tangible Common Equity Ratio (non-GAAP)A/B 8.53%  8.26%  8.08%  7.43%  7.20% 
    Actual Diluted Shares Outstanding (GAAP)C 16,947,204  17,000,758  16,997,886  17,025,023  17,049,913 
    Tangible Book Value per Diluted Share (non-GAAP)A/C$20.97 $20.45 $19.22 $18.76 $18.19 


    CAPITAL CITY BANK GROUP, INC.       
    EARNINGS HIGHLIGHTS       
    Unaudited       
            
      Three Months Ended 
    (Dollars in thousands, except per share data) Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 
    EARNINGS       
    Net Income Attributable to Common Shareowners$12,557$11,720$13,709 
    Diluted Net Income Per Share$0.74$0.70$0.80 
    PERFORMANCE       
    Return on Average Assets (annualized) 1.21%1.12%1.26%
    Return on Average Equity (annualized) 11.07 10.69 13.76 
    Net Interest Margin 4.01 4.07 4.04 
    Noninterest Income as % of Operating Revenue 32.06 30.46 30.53 
    Efficiency Ratio 71.06%70.82%64.67%
    CAPITAL ADEQUACY       
    Tier 1 Capital 15.67%15.37%14.23%
    Total Capital 16.84 16.57 15.29 
    Leverage 10.45 10.30 9.09 
    Common Equity Tier 1 13.82 13.52 12.40 
    Tangible Common Equity (1) 8.53 8.26 7.20 
    Equity to Assets 10.52%10.24%9.16%
    ASSET QUALITY       
    Allowance as % of Non-Performing Loans 431.46%479.70%584.18%
    Allowance as a % of Loans HFI 1.07 1.10 1.01 
    Net Charge-Offs as % of Average Loans HFI 0.22 0.23 0.24 
    Nonperforming Assets as % of Loans HFI and OREO 0.25 0.23 0.17 
    Nonperforming Assets as % of Total Assets 0.16%0.15%0.10%
    STOCK PERFORMANCE       
    High$31.34$32.56$36.86 
    Low 26.59 26.12 28.18 
    Close$27.70$29.43$29.31 
    Average Daily Trading Volume 31,023 33,297 41,737 
            
    (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)First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
    ASSETS          
    Cash and Due From Banks$73,642 $83,118 $72,379 $83,679 $84,549 
    Funds Sold and Interest Bearing Deposits 231,047  228,949  95,119  285,129  303,403 
    Total Cash and Cash Equivalents 304,689  312,067  167,498  368,808  387,952 
               
    Investment Securities Available for Sale 327,338  337,902  334,052  386,220  402,943 
    Investment Securities Held to Maturity 603,386  625,022  632,076  641,398  651,755 
    Other Equity Securities 3,445  3,450  3,585  1,703  1,883 
    Total Investment Securities 934,169  966,374  969,713  1,029,321  1,056,581 
               
    Loans Held for Sale 24,705  28,211  34,013  44,659  28,475 
               
    Loans Held for Investment ("HFI"):          
    Commercial, Financial, & Agricultural 218,298  225,190  221,704  227,219  236,263 
    Real Estate – Construction 202,692  196,091  197,526  226,404  253,903 
    Real Estate – Commercial 823,690  825,456  828,234  831,285  798,438 
    Real Estate – Residential 1,012,791  1,001,257  966,512  893,384  847,697 
    Real Estate – Home Equity 214,617  210,920  203,606  203,142  206,931 
    Consumer 254,168  270,994  285,122  295,646  305,324 
    Other Loans 3,789  2,962  1,401  5,425  7,660 
    Overdrafts 1,127  1,048  1,076  1,007  931 
    Total Loans Held for Investment 2,731,172  2,733,918  2,705,181  2,683,512  2,657,147 
    Allowance for Credit Losses (29,329) (29,941) (29,083) (28,243) (26,808)
    Loans Held for Investment, Net 2,701,843  2,703,977  2,676,098  2,655,269  2,630,339 
               
    Premises and Equipment, Net 81,452  81,266  81,677  82,062  82,055 
    Goodwill and Other Intangibles 92,893  92,933  92,973  93,013  93,053 
    Other Real Estate Owned 1  1  1  1  13 
    Other Assets 120,170  119,648  116,314  118,073  123,294 
    Total Other Assets 294,516  293,848  290,965  293,149  298,415 
    Total Assets$4,259,922 $4,304,477 $4,138,287 $4,391,206 $4,401,762 
    LIABILITIES          
    Deposits:          
    Noninterest Bearing Deposits$1,361,939 $1,377,934 $1,472,165 $1,520,134 $1,601,388 
    NOW Accounts 1,212,452  1,327,420  1,092,996  1,269,839  1,242,721 
    Money Market Accounts 398,308  319,319  304,323  321,743  271,880 
    Savings Accounts 530,782  547,634  571,003  590,245  617,310 
    Certificates of Deposit 151,320  129,515  99,958  86,905  90,621 
    Total Deposits 3,654,801  3,701,822  3,540,445  3,788,866  3,823,920 
               
    Repurchase Agreements 23,477  26,957  22,910  22,619  4,429 
    Other Short-Term Borrowings 8,409  8,384  18,786  28,054  22,203 
    Subordinated Notes Payable 52,887  52,887  52,887  52,887  52,887 
    Other Long-Term Borrowings 265  315  364  414  463 
    Other Liabilities 65,181  66,080  75,585  77,192  85,878 
    Total Liabilities 3,805,020  3,856,445  3,710,977  3,970,032  3,989,780 
               
    Temporary Equity 6,588  7,407  7,604  8,752  8,722 
    SHAREOWNERS' EQUITY          
    Common Stock 169  170  170  170  170 
    Additional Paid-In Capital 34,861  36,326  36,182  36,853  37,512 
    Retained Earnings 435,364  426,275  418,030  408,771  397,654 
    Accumulated Other Comprehensive Loss, Net of Tax (22,080) (22,146) (34,676) (33,372) (32,076)
    Total Shareowners' Equity 448,314  440,625  419,706  412,422  403,260 
    Total Liabilities, Temporary Equity and Shareowners' Equity$4,259,922 $4,304,477 $4,138,287 $4,391,206 $4,401,762 
    OTHER BALANCE SHEET DATA          
    Earning Assets$3,921,093 $3,957,452 $3,804,026 $4,042,621 $4,045,607 
    Interest Bearing Liabilities 2,377,900  2,412,431  2,163,227  2,372,706  2,302,514 
    Book Value Per Diluted Share$26.45 $25.92 $24.69 $24.21 $23.65 
    Tangible Book Value Per Diluted Share (1) 20.97  20.45  19.22  18.76  18.19 
    Actual Basic Shares Outstanding 16,929  16,950  16,958  16,992  17,022 
    Actual Diluted Shares Outstanding 16,947  17,001  16,998  17,025  17,050 
    (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
    (Dollars in thousands, except per share data) First Quarter  Fourth Quarter  Third Quarter  Second Quarter First Quarter 
    INTEREST INCOME              
    Loans, including Fees$40,683 $40,407 $39,344 $37,608 $34,891 
    Investment Securities 4,244  4,392  4,561  4,815  4,924 
    Federal Funds Sold and Interest Bearing Deposits 1,893  1,385  1,848  2,782  4,111 
    Total Interest Income 46,820  46,184  45,753  45,205  43,926 
    INTEREST EXPENSE              
    Deposits 7,594  5,872  5,214  4,008  2,488 
    Repurchase Agreements 201  199  190  115  9 
    Other Short-Term Borrowings 39  310  440  336  452 
    Subordinated Notes Payable 628  627  625  604  571 
    Other Long-Term Borrowings 3  5  4  5  6 
    Total Interest Expense 8,465  7,013  6,473  5,068  3,526 
    Net Interest Income 38,355  39,171  39,280  40,137  40,400 
    Provision for Credit Losses 920  2,025  2,393  2,197  3,099 
    Net Interest Income after Provision for Credit Losses 37,435  37,146  36,887  37,940  37,301 
    NONINTEREST INCOME              
    Deposit Fees 5,250  5,304  5,456  5,326  5,239 
    Bank Card Fees 3,620  3,713  3,684  3,795  3,726 
    Wealth Management Fees 4,682  4,276  3,984  4,149  3,928 
    Mortgage Banking Revenues 2,878  2,327  1,839  3,363  2,871 
    Other 1,667  1,537  1,765  3,334  1,994 
    Total Noninterest Income 18,097  17,157  16,728  19,967  17,758 
    NONINTEREST EXPENSE              
    Compensation 24,407  23,822  23,003  23,438  23,524 
    Occupancy, Net 6,994  7,098  6,980  6,820  6,762 
    Other 8,770  9,038  9,122  10,027  7,389 
    Total Noninterest Expense 40,171  39,958  39,105  40,285  37,675 
    OPERATING PROFIT 15,361  14,345  14,510  17,622  17,384 
    Income Tax Expense 3,536  2,909  3,004  3,417  3,710 
    Net Income 11,825  11,436  11,506  14,205  13,674 
    Pre-Tax Loss (Income) Attributable to Noncontrolling Interest 732  284  1,149  (31) 35 
    NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS$12,557 $11,720 $12,655 $14,174 $13,709 
    PER COMMON SHARE              
    Basic Net Income$0.74 $0.69 $0.75 $0.83 $0.81 
    Diluted Net Income 0.74  0.70  0.74  0.83  0.80 
    Cash Dividend$0.21 $0.20 $0.20 $0.18 $0.18 
    AVERAGE SHARES              
    Basic 16,951  16,947  16,985  17,002  17,016 
    Diluted 16,969  16,997  17,025  17,035  17,045 


    CAPITAL CITY BANK GROUP, INC.
    ALLOWANCE FOR CREDIT LOSSES ("ACL")
    AND CREDIT QUALITY
    Unaudited
               
      2024  2023 
    (Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
    ACL – HELD FOR INVESTMENT LOANS          
    Balance at Beginning of Period$29,941 $29,083 $28,243 $26,808 $25,068 
    Transfer from Other (Assets) Liabilities (50) 66  -  -  - 
    Provision for Credit Losses 932  2,354  1,993  1,922  3,260 
    Net Charge-Offs (Recoveries) 1,494  1,562  1,153  487  1,520 
    Balance at End of Period$29,329 $29,941 $29,083 $28,243 $26,808 
    As a % of Loans HFI 1.07%  1.10%  1.08%  1.05%  1.01% 
    As a % of Nonperforming Loans 431.46%  479.70%  619.58%  426.44%  584.18% 
    ACL – UNFUNDED COMMITMENTS          
    Balance at Beginning of Period 3,191 $3,502 $3,120 $2,833 $2,989 
    Provision for Credit Losses (70) (311) 382  287  (156)
    Balance at End of Period (1) 3,121  3,191  3,502  3,120  2,833 
    ACL – DEBT SECURITIES          
    Provision for Credit Losses$58 $(18)$18 $(12)$(5)
    CHARGE-OFFS          
    Commercial, Financial and Agricultural$282 $217 $76 $54 $164 
    Real Estate – Commercial -  -  -  -  120 
    Real Estate – Residential 17  79  -  -  - 
    Real Estate – Home Equity 76  -  -  39  - 
    Consumer 1,550  1,689  1,340  993  1,732 
    Overdrafts 638  602  659  894  634 
    Total Charge-Offs$2,563 $2,587 $2,075 $1,980 $2,650 
    RECOVERIES          
    Commercial, Financial and Agricultural$41 $83 $28 $71 $95 
    Real Estate – Construction -  -  -  1  1 
    Real Estate – Commercial 204  16  17  11  8 
    Real Estate – Residential 37  34  30  132  57 
    Real Estate – Home Equity 24  17  53  131  25 
    Consumer 410  433  418  514  571 
    Overdrafts 353  442  376  633  373 
    Total Recoveries$1,069 $1,025 $922 $1,493 $1,130 
    NET CHARGE-OFFS (RECOVERIES)$1,494 $1,562 $1,153 $487 $1,520 
    Net Charge-Offs as a % of Average Loans HFI (2) 0.22%  0.23%  0.17%  0.07%  0.24% 
    CREDIT QUALITY          
    Nonaccruing Loans$6,798 $6,242 $4,694 $6,623 $4,589 
    Other Real Estate Owned 1  1  1  1  13 
    Total Nonperforming Assets ("NPAs")$6,799 $6,243 $4,695 $6,624 $4,602 
               
    Past Due Loans 30-89 Days$5,392 $6,854 $5,577 $4,207 $5,061 
    Classified Loans 22,305  22,203  21,812  14,973  12,179 
               
    Nonperforming Loans as a % of Loans HFI 0.25%  0.23%  0.17%  0.25%  0.17% 
    NPAs as a % of Loans HFI and Other Real Estate 0.25%  0.23%  0.17%  0.25%  0.17% 
    NPAs as a % of Total Assets 0.16%  0.15%  0.11%  0.15%  0.10% 
               
    (1) Recorded in other liabilities          
    (2) Annualized          


    CAPITAL CITY BANK GROUP, INC.
    AVERAGE BALANCE AND INTEREST RATES
    Unaudited
                                        
      First Quarter 2024  Fourth Quarter 2023  Third Quarter 2023  Second Quarter 2023  First Quarter 2023 
    (Dollars in thousands) Average
    Balance    		 Interest Average
    Rate    		  Average
    Balance    		 Interest Average
    Rate    		  Average
    Balance    		 Interest Average
    Rate    		  Average
    Balance    		 Interest Average
    Rate    		  Average
    Balance    		 Interest Average
    Rate    		 
    ASSETS:                                   
    Loans Held for Sale$27,314 $563 5.99%$49,790 $817 6.50%$62,768 $971 6.14%$54,350  800 5.90%$55,110 $644 4.74%
    Loans Held for Investment (1) 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  2,582,395  34,342 5.39 
                                        
    Investment Securities                                   
    Taxable Investment Securities 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  1,061,372  4,911 1.86 
    Tax-Exempt Investment Securities (1) 856  9 4.34  862  7 4.32  2,456  17 2.66  2,656  17 2.47  2,840  18 2.36 
                                        
    Total Investment Securities 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  1,064,212  4,929 1.86 
                                        
    Federal Funds Sold and Interest Bearing Deposits 140,488  1,893 5.42  99,763  1,385 5.51  136,556  1,848 5.37  218,902  2,782 5.10  360,971  4,111 4.62 
                                        
    Total Earning Assets 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% 4,062,688 $44,026 4.39%
                                        
    Cash and Due From Banks 75,763       76,681       75,941       75,854       74,639      
    Allowance for Credit Losses (30,030)      (29,998)      (29,172)      (27,893)      (25,637)     
    Other Assets 295,275       296,114       295,106       297,837       300,175      
                                        
    Total Assets$4,190,623      $4,166,777      $4,218,855      $4,320,601      $4,411,865      
                                        
    LIABILITIES:                                   
    Noninterest Bearing Deposits$1,344,188      $1,416,825      $1,474,574      $1,539,877      $1,601,750      
    NOW Accounts 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% 1,228,928 $2,152 0.71%
    Money Market Accounts 353,591  1,985 2.26  318,844  1,421 1.77  322,623  1,294 1.59  288,466  747 1.04  267,573  208 0.31 
    Savings Accounts 539,374  188 0.14  557,579  202 0.14  579,245  200 0.14  602,848  120 0.08  629,388  76 0.05 
    Time Deposits 138,328  924 2.69  116,797  553 1.88  95,203  231 0.96  87,973  103 0.47  89,675  52 0.24 
    Total Interest Bearing Deposits 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  2,215,564  2,488 0.46 
    Total Deposits 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  3,817,314  2,488 0.26 
    Repurchase Agreements 25,725  201 3.14  26,831  199 2.94  25,356  190 2.98  17,888  115 2.58  9,343  9 0.37 
    Other Short-Term Borrowings 3,758  39 4.16  16,906  310 7.29  24,306  440 7.17  17,834  336 7.54  37,766  452 4.86 
    Subordinated Notes Payable 52,887  628 4.70  52,887  627 4.64  52,887  625 4.62  52,887  604 4.52  52,887  571 4.32 
    Other Long-Term Borrowings 281  3 4.80  336  5 4.72  387  4 4.73  431  5 4.80  480  6 4.80 
    Total Interest Bearing Liabilities 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% 2,316,040 $3,526 0.62%
                                        
    Other Liabilities 68,295       78,772       83,099       84,305       81,206      
                                        
    Total Liabilities 3,727,459       3,724,238       3,782,851       3,892,909       3,998,996      
    Temporary Equity 7,150       7,423       8,424       8,935       8,802      
                                        
    SHAREOWNERS' EQUITY: 456,014       435,116       427,580       418,757       404,067      
                                        
    Total Liabilities, Temporary Equity and Shareowners' Equity$4,190,623      $4,166,777      $4,218,855      $4,320,601      $4,411,865      
                                        
    Interest Rate Spread  $38,435 3.43%  $39,264 3.55%  $39,367 3.54%  $40,224 3.67%  $40,500 3.77%
                                        
    Interest Income and Rate Earned (1)   46,900 4.90    46,277 4.80    45,840 4.69    45,292 4.57    44,026 4.39 
    Interest Expense and Rate Paid (2)   8,465 0.88    7,013 0.73    6,473 0.66    5,068 0.51    3,526 0.35 
                                        
    Net Interest Margin  $38,435 4.01%  $39,264 4.07%  $39,367 4.03%  $40,224 4.06%  $40,500 4.04%
                                        
    (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 Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450


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