TALLAHASSEE, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023.
For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023.
QUARTER HIGHLIGHTS (4th Quarter 2024 versus 3rd Quarter 2024)
Income Statement
- Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter
- Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield).
- Stable credit quality metrics and credit loss provision - net loan charge-offs were 25 basis points (annualized) of average loans - allowance coverage ratio was 1.10% at December 31, 2024
- Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenues
- Noninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office
Balance Sheet
- Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)
- Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balances
- Tangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share)
FULL YEAR 2024 HIGHLIGHTS
Income Statement
- Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year - net interest margin was 4.08% for 2024 compared to 4.05% for 2023
- Credit quality metrics remained strong throughout the year - allowance coverage ratio remained stable at 1.10% - net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023
- Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees
- Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs
Balance Sheet
- Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period)
- Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period)
- Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments
"In 2024, we delivered record earnings and advanced our commitment to creating shareholder value, which is demonstrated by a 15.6% increase in tangible book value per share, a 15.8% increase in the dividend, and the repurchase of 83,000 shares," said William G. Smith, Jr., President, Chairman and CEO of Capital City Bank Group. "Our associates also earned us recognition for the 12th consecutive year as one of the best banks to work for-an achievement that underscores the strength of our organization and the core values we embrace. We remain focused on soundness, profitability, growth, and making strategic investments that add long-term value. Our fortress balance sheet, diversified revenues, and growth markets together position us well for 2025 and beyond."
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the fourth quarter of 2024 totaled $41.2 million, compared to $40.3 million for the third quarter of 2024, and $39.3 million for the fourth quarter of 2023. For 2024, tax-equivalent net interest income totaled $159.2 million compared to $159.4 million for 2023. Compared to the third quarter of 2024, the increase reflected higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower balances. Compared to 2023, the slight decrease reflected an increase in deposit interest expense and a decrease in investment securities interest that was offset by increases in loan interest and overnight funds interest.
Our net interest margin for the fourth quarter of 2024 was 4.17%, an increase of five basis points over the third quarter of 2024 and an increase of 10 basis points over the fourth quarter of 2023. For the month of December 2024, our net interest margin was 4.18%. For 2024, our net interest margin was 4.08%, an increase of three basis points over 2023. Compared to the third quarter of 2024, the increase reflected higher yield in the investment portfolio driven by new purchases during the quarter, in addition to lower deposit interest expense. The increase over 2023 reflected a combination of earning assets re-pricing at higher interest rates and higher average loan balances, partially offset by a higher cost of deposits. For the fourth quarter of 2024, our cost of funds was 88 basis points, a decrease of five basis points from the third quarter of 2024 and an increase of 15 basis points over the fourth quarter of 2023. Our total cost of deposits (including noninterest bearing accounts) was 86 basis points, 92 basis points, and 66 basis points, respectively, for the same periods.
Provision for Credit Losses
We recorded a provision expense for credit losses of $0.7 million for the fourth quarter of 2024 compared to $1.2 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the provision expense reflected a $0.8 million decrease in the provision for loans held for investment ("HFI") and a $0.3 million decrease in the provision benefit for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower loan balances and slightly lower loss rates.
For 2024, we recorded a provision expense for credit losses of $4.0 million compared to $9.7 million for 2023. The decrease reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million decrease in the provision for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration. The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments. We discuss the allowance for credit losses further below.
Noninterest Income and Noninterest Expense
Noninterest income for the fourth quarter of 2024 totaled $18.8 million compared to $19.5 million for the third quarter of 2024 and $17.2 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter of 2024 reflected a $0.8 million decrease in mortgage banking revenues attributable to lower production volume and a $0.3 million decrease in deposit fees that was partially offset by a $0.4 million increase in wealth management fees, primarily from retail brokerage. The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage banking revenues of $0.8 million driven by a higher gain on sale margin and wealth management fees of $0.9 million, primarily from retail brokerage and to a lesser extent trust.
For 2024, noninterest income totaled $76.0 million compared to $71.6 million for 2023, primarily attributable to a $3.9 million increase in mortgage banking revenues and a $2.8 million increase in wealth management fees, partially offset by a $2.2 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.
Noninterest expense for the fourth quarter of 2024 totaled $41.8 million compared to $42.9 million for the third quarter of 2024 and $40.0 million for the fourth quarter of 2023. The $1.1 million decrease from the third quarter of 2024 was primarily attributable to lower other expense of $1.2 million and occupancy expense of $0.2 million that was partially offset by a $0.3 million increase in compensation expense. The decrease in other expense was primarily attributable to a $1.0 million decrease in other real estate expense driven by the sale of a banking office and lower miscellaneous expense of $0.5 million which reflected a non-routine VISA Class B swap payment in the third quarter of 2024. The decrease in occupancy expense reflected lower property tax and software license expense. The increase in compensation was driven by higher incentive plan compensation. Compared to the fourth quarter of 2023, the $1.8 million increase was driven by a $2.3 million increase in compensation expense that was partially offset by a $0.2 million decrease in occupancy expense and a $0.3 million decrease in other expense. The unfavorable variance in compensation expense reflected a $1.4 million increase in salary expense and a $0.9 million increase in other benefit expense with the salary expense driven by higher incentive compensation and merit adjustments and the associate benefit expense reflective of higher health insurance cost.
For 2024, noninterest expense totaled $165.3 million compared to $157.0 million for 2023, primarily attributable to increases in compensation expense of $6.9 million, occupancy expense of $0.3 million, and other expense of $1.1 million. The increase in compensation reflected a $5.4 million increase in salary expense and a $1.6 million increase in other associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $3.1 million (lower new loan volume), higher base salary expense of $2.2 million (primarily annual merit raises), and a $1.2 million increase in cash incentive compensation that was partially offset by lower commission expense of $1.4 million (lower residential mortgage volume). The unfavorable variance in other associate benefit expense was due to a $0.9 million increase in associate insurance cost and a $0.6 million increase in stock compensation expense. The increase in occupancy expense was attributable to increases in software license and maintenance agreement expenses. The increase in other expense was driven by a $1.1 million increase in other real estate expense and a $1.4 million increase in processing expense that was partially offset by a $1.4 million decrease in miscellaneous expense. The increase in other real estate expense reflected a lower level of gains from the sale of banking offices in 2024. The increase in processing expense reflected both inflationary increases on contract renewals and the outsourcing of our core processing system. The decrease in miscellaneous expense was attributable to lower pension plan expense for the non-service related component of the plan.
Income Taxes
We realized income tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 compared to $3.0 million (effective rate of 19.1%) for the third quarter of 2024 and $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023. Compared to the third quarter of 2024, the increase in our effective tax rate was attributable to a lower than projected level of pre-tax income from Capital City Home Loans ("CCHL") in relation to our consolidated income as the non-controlling interest adjustment for CCHL is accounted for as a permanent tax adjustment. Further, we realized a higher than projected Internal Revenue Code ("IRC") Section 162(m) limitation related to current and future compensation. For 2024, we realized income tax expense of $13.9 million (effective rate of 21.2%) compared to $13.0 million (effective rate of 20.4%) for 2023 with the increase in the effective tax rate primarily attributable to a higher IRC Section 162(m) limitation and lower tax-exempt interest income. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or 1.0 %, over the third quarter of 2024, and an increase of $97.9 million, or 2.6%, over the fourth quarter of 2023. The increase over both prior periods was primarily driven by higher deposit balances (see below - Deposits). Compared to the third quarter of 2024, the change in earning asset mix was primarily attributable to a $41.4 million increase in short term investments (overnight funds sold), a $6.7 million increase in investment securities, and $6.5 million increase in loans held for sale, partially offset by a $16.1 million decrease in loans HFI. Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.4 million increase in short term investments (overnight funds sold) that was partially offset by a $48.0 million decrease in investment securities, a $33.8 million decrease in loans HFI, and a $18.7 million decrease in loans held for sale.
Average loans HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter of 2024 and decreased $33.8 million, or 1.3%, from the fourth quarter of 2023. Compared to the third quarter of 2024, the decline was primarily attributable to decreases in consumer loans (primarily indirect auto) of $18.3 million and commercial mortgage real estate loans of $24.1 million, partially offset by increases in construction real estate loans of $13.1 million, and residential real estate loans of $11.6 million. Compared to the fourth quarter of 2023, the decrease was driven by decreases in consumer loans (primarily indirect auto) of $72.8 million, commercial loans of $30.2 million, and commercial mortgage real estate loans of $25.3 million, partially offset by increases in residential real estate loans of $70.8 million, construction real estate loans of $16.6 million, and home equity loans of $10.2 million.
Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from September 30, 2024 and decreased $82.4 million, or 3.0%, from December 31, 2023. Compared to September 30, 2024, the decrease was driven by decreases in commercial mortgage real estate loans of $40.9 million, consumer loans (primarily indirect auto) of $13.8 million, and commercial loans of $5.4 million, partially offset by increases in home equity loans of $9.1 million, other loans of $13.5 million, and residential real estate loans of $5.0 million. Compared to December 31, 2023, the decrease was primarily attributable to decreases in consumer loans (primarily indirect auto) of $71.5 million, commercial mortgage real estate loans of $46.4 million, and commercial loans of $36.0 million, partially offset by increases in residential real estate loans of $27.2 million, construction real estate loans of $23.9 million, and home equity loans of $9.1 million.
Allowance for Credit Losses
At December 31, 2024, the allowance for credit losses for loans HFI totaled $29.3 million compared to $29.8 million at September 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The decreases in the allowance from September 30, 2024 and December 31, 2023 were primarily attributable to lower loan balances and favorable loan migration. Net loan charge-offs were 25 basis points of average loans for the fourth quarter of 2024 versus 19 basis points for the third quarter of 2024. For 2024, net loan charge-offs were 21 basis points of average loans compared to 18 basis points in 2023. At December 31, 2024, the allowance represented 1.10% of loans HFI compared to 1.11% at September 30, 2024, and 1.10% at December 31, 2023.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled $6.7 million at December 31, 2024 compared to $7.2 million at September 30, 2024 and $6.2 million at December 31, 2023. At December 31, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.17% at September 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.3 million at December 31, 2024, a $0.3 million decrease from September 30, 2024 and a $0.1 million increase over December 31, 2023. Further, classified loans totaled $19.9 million at December 31, 2024, a $5.6 million decrease from September 30, 2024 and a $2.3 million decrease from December 31, 2023.
Deposits
Average total deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%, over the third quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter of 2023. Compared to the third quarter of 2024, the increase was primarily attributable to higher NOW account balances which reflected the seasonal inflow of public funds from municipal clients as they receive their tax receipts beginning in late November. The increase over the fourth quarter of 2023 reflected higher NOW, MMA, and certificates of deposit ("CD") balances that were partially offset by decreases in noninterest bearing and savings balances. During 2024, we realized a re-mix in deposits as rate sensitive clients sought higher yield deposit products. Average core deposit balances (total deposits less public funds) increased $20.3 million over the third quarter of 2024 and $28.4 million over the fourth quarter of 2023.
At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9 million, or 2.6%, over September 30, 2024 and a decrease of $29.8 million, or 0.8%, from December 31, 2023. Compared to the third quarter of 2024, the increase was primarily due to a $110.7 million increase in NOW account balances which reflected the aforementioned seasonal inflow of public funds balances. The decrease from the fourth quarter of 2023 was driven by lower noninterest bearing, NOW, and savings account balances that were partially offset by higher MMA and CD balances which reflected the aforementioned re-mix in balances during 2024. Core deposit balances (total deposits less public funds) decreased $50.3 million from the third quarter of 2024 and increased $21.9 million over the fourth quarter of 2023.
Liquidity
The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $298.3 million in the fourth quarter of 2024 compared to $256.9 million in the third quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increases reflected growth in average core and public fund deposit balances.
At December 31, 2024, we had the ability to generate approximately $1.535 billion (excludes overnight funds position of $321 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 and have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At December 31, 2024, the weighted-average maturity and duration of our portfolio were 2.54 years and 2.19 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $19.2 million.
Capital
Shareowners' equity was $495.3 million at December 31, 2024 compared to $476.5 million at September 30, 2024 and $440.6 million at December 31, 2023. For the fourth quarter of 2024, shareowners' equity was positively impacted by net income attributable to common shareowners of $13.1 million, a net $7.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $0.9 million, stock compensation accretion of $0.7 million, and a $0.4 million reclassification from temporary equity (concurrent with the agreement to assign the minority membership interest (49%) in Capital City Home Loans, LLC, temporary equity was reclassified to other liabilities and included a $0.4 million net credit to retained earnings to account for the difference between the fair value and the book value of the minority interest). The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $0.7 million increase in the fair value of the interest rate swap related to subordinated debt, that was partially offset by a $3.2 million increase in the investment securities loss. Shareowners' equity was reduced by common stock dividends of $3.9 million ($0.23 per share).
For the full year 2024, shareowners' equity was positively impacted by net income attributable to common shareowners of $52.9 million, a net $15.7 million decrease in the accumulated other comprehensive loss, the issuance of stock of $3.1 million, and stock compensation accretion of $1.9 million. The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $5.6 million decrease in the investment securities loss. Shareowners' equity was reduced by common stock dividends of $14.9 million ($0.88 per share), the repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling $1.4 million related to transactions under our stock compensation plans, and a $0.3 million reclassification from temporary equity.
At December 31, 2024, our total risk-based capital ratio was 18.77% compared to 17.97% at September 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively, on these dates. Our leverage ratio was 11.05%, 10.89%, and 10.30%, respectively, on these dates. At December 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 was 9.55% at December 31, 2024 compared to 9.28% and 8.26% at September 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $16.0 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.17%.
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; 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; legislative or regulatory changes; adverse developments in the financial services industry generally; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows and any deficiencies in the processes undertaken to effect such restatements; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, 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) | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||
| Shareowners' Equity (GAAP) | $ | 495,317 | $ | 476,499 | $ | 460,999 | $ | 448,314 | $ | 440,625 | ||||||
| Less: Goodwill and Other Intangibles (GAAP) | 92,773 | 92,813 | 92,853 | 92,893 | 92,933 | |||||||||||
| Tangible Shareowners' Equity (non-GAAP) | A | 402,544 | 383,686 | 368,146 | 355,421 | 347,692 | ||||||||||
| Total Assets (GAAP) | 4,307,142 | 4,225,316 | 4,225,695 | 4,259,922 | 4,304,477 | |||||||||||
| Less: Goodwill and Other Intangibles (GAAP) | 92,773 | 92,813 | 92,853 | 92,893 | 92,933 | |||||||||||
| Tangible Assets (non-GAAP) | B | $ | 4,214,369 | $ | 4,132,503 | $ | 4,132,842 | $ | 4,167,029 | $ | 4,211,544 | |||||
| Tangible Common Equity Ratio (non-GAAP) | A/B | 9.55 | % | 9.28 | % | 8.91 | % | 8.53 | % | 8.26 | % | |||||
| Actual Diluted Shares Outstanding (GAAP) | C | 17,018,122 | 16,980,686 | 16,970,228 | 16,947,204 | 17,000,758 | ||||||||||
| Tangible Book Value per Diluted Share (non-GAAP) | A/C | $ | 23.65 | $ | 22.60 | $ | 21.69 | $ | 20.97 | $ | 20.45 | |||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||
| EARNINGS HIGHLIGHTS | |||||||||||
| Unaudited | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| (Dollars in thousands, except per share data) | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||||
| EARNINGS | |||||||||||
| Net Income Attributable to Common Shareowners | $ | 13,090 | $ | 13,118 | $ | 11,720 | 52,915 | $ | 52,258 | ||
| Diluted Net Income Per Share | $ | 0.77 | $ | 0.77 | $ | 0.70 | 3.12 | $ | 3.07 | ||
| PERFORMANCE | |||||||||||
| Return on Average Assets (annualized) | 1.22 | % | 1.24 | % | 1.12 | % | 1.25 | % | 1.22 | % | |
| Return on Average Equity (annualized) | 10.60 | 10.87 | 10.69 | 11.18 | 12.40 | ||||||
| Net Interest Margin | 4.17 | 4.12 | 4.07 | 4.08 | 4.05 | ||||||
| Noninterest Income as % of Operating Revenue | 31.34 | 32.67 | 30.46 | 32.34 | 31.05 | ||||||
| Efficiency Ratio | 69.74 | % | 71.81 | % | 70.82 | % | 70.30 | % | 67.99 | % | |
| CAPITAL ADEQUACY | |||||||||||
| Tier 1 Capital | 17.58 | % | 16.77 | % | 15.37 | % | 17.58 | % | 15.37 | % | |
| Total Capital | 18.77 | 17.97 | 16.57 | 18.77 | 16.57 | ||||||
| Leverage | 11.05 | 10.89 | 10.30 | 11.05 | 10.30 | ||||||
| Common Equity Tier 1 | 15.64 | 14.88 | 13.52 | 15.64 | 13.52 | ||||||
| Tangible Common Equity (1) | 9.55 | 9.28 | 8.26 | 9.55 | 8.26 | ||||||
| Equity to Assets | 11.50 | % | 11.28 | % | 10.24 | % | 11.50 | % | 10.24 | % | |
| ASSET QUALITY | |||||||||||
| Allowance as % of Non-Performing Loans | 464.14 | % | 452.64 | % | 479.70 | % | 464.14 | % | 479.70 | % | |
| Allowance as a % of Loans HFI | 1.10 | 1.11 | 1.10 | 1.10 | 1.10 | ||||||
| Net Charge-Offs as % of Average Loans HFI | 0.25 | 0.19 | 0.23 | 0.21 | 0.18 | ||||||
| Nonperforming Assets as % of Loans HFI and OREO | 0.25 | 0.27 | 0.23 | 0.25 | 0.23 | ||||||
| Nonperforming Assets as % of Total Assets | 0.15 | % | 0.17 | % | 0.15 | % | 0.15 | % | 0.15 | % | |
| STOCK PERFORMANCE | |||||||||||
| High | $ | 40.86 | $ | 36.67 | $ | 32.56 | 40.86 | $ | 36.86 | ||
| Low | 33.00 | 26.72 | 26.12 | 25.45 | 26.12 | ||||||
| Close | $ | 36.65 | $ | 35.29 | $ | 29.43 | 36.65 | $ | 29.43 | ||
| Average Daily Trading Volume | 27,484 | 37,151 | 33,297 | 31,390 | 33,775 | ||||||
| (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7. | |||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||
| Unaudited | |||||||||||||||
| 2024 | 2023 | ||||||||||||||
| (Dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||
| ASSETS | |||||||||||||||
| Cash and Due From Banks | $ | 70,543 | $ | 83,431 | $ | 75,304 | $ | 73,642 | $ | 83,118 | |||||
| Funds Sold and Interest Bearing Deposits | 321,311 | 261,779 | 272,675 | 231,047 | 228,949 | ||||||||||
| Total Cash and Cash Equivalents | 391,854 | 345,210 | 347,979 | 304,689 | 312,067 | ||||||||||
| Investment Securities Available for Sale | 403,345 | 336,187 | 310,941 | 327,338 | 337,902 | ||||||||||
| Investment Securities Held to Maturity | 567,155 | 561,480 | 582,984 | 603,386 | 625,022 | ||||||||||
| Other Equity Securities | 2,399 | 6,976 | 2,537 | 3,445 | 3,450 | ||||||||||
| Total Investment Securities | 972,899 | 904,643 | 896,462 | 934,169 | 966,374 | ||||||||||
| Loans Held for Sale | 28,672 | 31,251 | 24,022 | 24,705 | 28,211 | ||||||||||
| Loans Held for Investment ("HFI"): | |||||||||||||||
| Commercial, Financial, & Agricultural | 189,208 | 194,625 | 204,990 | 218,298 | 225,190 | ||||||||||
| Real Estate - Construction | 219,994 | 218,899 | 200,754 | 202,692 | 196,091 | ||||||||||
| Real Estate - Commercial | 779,095 | 819,955 | 823,122 | 823,690 | 825,456 | ||||||||||
| Real Estate - Residential | 1,028,498 | 1,023,485 | 1,012,541 | 1,012,791 | 1,001,257 | ||||||||||
| Real Estate - Home Equity | 220,064 | 210,988 | 211,126 | 214,617 | 210,920 | ||||||||||
| Consumer | 199,479 | 213,305 | 234,212 | 254,168 | 270,994 | ||||||||||
| Other Loans | 14,006 | 461 | 2,286 | 3,789 | 2,962 | ||||||||||
| Overdrafts | 1,206 | 1,378 | 1,192 | 1,127 | 1,048 | ||||||||||
| Total Loans Held for Investment | 2,651,550 | 2,683,096 | 2,690,223 | 2,731,172 | 2,733,918 | ||||||||||
| Allowance for Credit Losses | (29,251 | ) | (29,836 | ) | (29,219 | ) | (29,329 | ) | (29,941 | ) | |||||
| Loans Held for Investment, Net | 2,622,299 | 2,653,260 | 2,661,004 | 2,701,843 | 2,703,977 | ||||||||||
| Premises and Equipment, Net | 81,952 | 81,876 | 81,414 | 81,452 | 81,266 | ||||||||||
| Goodwill and Other Intangibles | 92,773 | 92,813 | 92,853 | 92,893 | 92,933 | ||||||||||
| Other Real Estate Owned | 367 | 650 | 650 | 1 | 1 | ||||||||||
| Other Assets | 116,326 | 115,613 | 121,311 | 120,170 | 119,648 | ||||||||||
| Total Other Assets | 291,418 | 290,952 | 296,228 | 294,516 | 293,848 | ||||||||||
| Total Assets | $ | 4,307,142 | $ | 4,225,316 | $ | 4,225,695 | $ | 4,259,922 | $ | 4,304,477 | |||||
| LIABILITIES | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest Bearing Deposits | $ | 1,306,254 | $ | 1,330,715 | $ | 1,343,606 | $ | 1,361,939 | $ | 1,377,934 | |||||
| NOW Accounts | 1,285,281 | 1,174,585 | 1,177,180 | 1,212,452 | 1,327,420 | ||||||||||
| Money Market Accounts | 404,396 | 401,272 | 413,594 | 398,308 | 319,319 | ||||||||||
| Savings Accounts | 506,766 | 507,604 | 514,560 | 530,782 | 547,634 | ||||||||||
| Certificates of Deposit | 169,280 | 164,901 | 159,624 | 151,320 | 129,515 | ||||||||||
| Total Deposits | 3,671,977 | 3,579,077 | 3,608,564 | 3,654,801 | 3,701,822 | ||||||||||
| Repurchase Agreements | 26,240 | 29,339 | 22,463 | 23,477 | 26,957 | ||||||||||
| Other Short-Term Borrowings | 2,064 | 7,929 | 3,307 | 8,409 | 8,384 | ||||||||||
| Subordinated Notes Payable | 52,887 | 52,887 | 52,887 | 52,887 | 52,887 | ||||||||||
| Other Long-Term Borrowings | 794 | 794 | 1,009 | 265 | 315 | ||||||||||
| Other Liabilities | 57,863 | 71,974 | 69,987 | 65,181 | 66,080 | ||||||||||
| Total Liabilities | 3,811,825 | 3,742,000 | 3,758,217 | 3,805,020 | 3,856,445 | ||||||||||
| Temporary Equity | - | 6,817 | 6,479 | 6,588 | 7,407 | ||||||||||
| SHAREOWNERS' EQUITY | |||||||||||||||
| Common Stock | 170 | 169 | 169 | 169 | 170 | ||||||||||
| Additional Paid-In Capital | 37,684 | 36,070 | 35,547 | 34,861 | 36,326 | ||||||||||
| Retained Earnings | 463,949 | 454,342 | 445,959 | 435,364 | 426,275 | ||||||||||
| Accumulated Other Comprehensive Loss, Net of Tax | (6,486 | ) | (14,082 | ) | (20,676 | ) | (22,080 | ) | (22,146 | ) | |||||
| Total Shareowners' Equity | 495,317 | 476,499 | 460,999 | 448,314 | 440,625 | ||||||||||
| Total Liabilities, Temporary Equity and Shareowners' Equity | $ | 4,307,142 | $ | 4,225,316 | $ | 4,225,695 | $ | 4,259,922 | $ | 4,304,477 | |||||
| OTHER BALANCE SHEET DATA | |||||||||||||||
| Earning Assets | $ | 3,974,431 | $ | 3,880,769 | $ | 3,883,382 | $ | 3,921,093 | $ | 3,957,452 | |||||
| Interest Bearing Liabilities | 2,447,708 | 2,339,311 | 2,344,624 | 2,377,900 | 2,412,431 | ||||||||||
| Book Value Per Diluted Share | $ | 29.11 | $ | 28.06 | $ | 27.17 | $ | 26.45 | $ | 25.92 | |||||
| Tangible Book Value Per Diluted Share(1) | 23.65 | 22.60 | 21.69 | 20.97 | 20.45 | ||||||||||
| Actual Basic Shares Outstanding | 16,975 | 16,944 | 16,942 | 16,929 | 16,950 | ||||||||||
| Actual Diluted Shares Outstanding | 17,018 | 16,981 | 16,970 | 16,947 | 17,001 | ||||||||||
| (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7. | |||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
| Unaudited | |||||||||||||||
| 2024 | 2023 | Twelve Months Ended December 31, | |||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2024 | 2023 | ||||||||
| INTEREST INCOME | |||||||||||||||
| Loans, including Fees | $ | 41,453 | $ | 41,659 | $ | 41,138 | $ | 40,683 | $ | 40,407 | $ | 164,933 | $ | 152,250 | |
| Investment Securities | 4,694 | 4,155 | 4,004 | 4,244 | 4,392 | 17,097 | 18,692 | ||||||||
| Federal Funds Sold and Interest Bearing Deposits | 3,596 | 3,514 | 3,624 | 1,893 | 1,385 | 12,627 | 10,126 | ||||||||
| Total Interest Income | 49,743 | 49,328 | 48,766 | 46,820 | 46,184 | 194,657 | 181,068 | ||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 7,766 | 8,223 | 8,579 | 7,594 | 5,872 | 32,162 | 17,582 | ||||||||
| Repurchase Agreements | 199 | 221 | 217 | 201 | 199 | 838 | 513 | ||||||||
| Other Short-Term Borrowings | 83 | 52 | 68 | 39 | 310 | 242 | 1,538 | ||||||||
| Subordinated Notes Payable | 581 | 610 | 630 | 628 | 627 | 2,449 | 2,427 | ||||||||
| Other Long-Term Borrowings | 11 | 11 | 3 | 3 | 5 | 28 | 20 | ||||||||
| Total Interest Expense | 8,640 | 9,117 | 9,497 | 8,465 | 7,013 | 35,719 | 22,080 | ||||||||
| Net Interest Income | 41,103 | 40,211 | 39,269 | 38,355 | 39,171 | 158,938 | 158,988 | ||||||||
| Provision for Credit Losses | 701 | 1,206 | 1,204 | 920 | 2,025 | 4,031 | 9,714 | ||||||||
| Net Interest Income after Provision for Credit Losses | 40,402 | 39,005 | 38,065 | 37,435 | 37,146 | 154,907 | 149,274 | ||||||||
| NONINTEREST INCOME | |||||||||||||||
| Deposit Fees | 5,207 | 5,512 | 5,377 | 5,250 | 5,304 | 21,346 | 21,325 | ||||||||
| Bank Card Fees | 3,697 | 3,624 | 3,766 | 3,620 | 3,713 | 14,707 | 14,918 | ||||||||
| Wealth Management Fees | 5,222 | 4,770 | 4,439 | 4,682 | 4,276 | 19,113 | 16,337 | ||||||||
| Mortgage Banking Revenues | 3,118 | 3,966 | 4,381 | 2,878 | 2,327 | 14,343 | 10,400 | ||||||||
| Other | 1,516 | 1,641 | 1,643 | 1,667 | 1,537 | 6,467 | 8,630 | ||||||||
| Total Noninterest Income | 18,760 | 19,513 | 19,606 | 18,097 | 17,157 | 75,976 | 71,610 | ||||||||
| NONINTEREST EXPENSE | |||||||||||||||
| Compensation | 26,108 | 25,800 | 24,406 | 24,407 | 23,822 | 100,721 | 93,787 | ||||||||
| Occupancy, Net | 6,893 | 7,098 | 6,997 | 6,994 | 7,098 | 27,982 | 27,660 | ||||||||
| Other | 8,781 | 10,023 | 9,038 | 8,770 | 9,038 | 36,612 | 35,576 | ||||||||
| Total Noninterest Expense | 41,782 | 42,921 | 40,441 | 40,171 | 39,958 | 165,315 | 157,023 | ||||||||
| OPERATING PROFIT | 17,380 | 15,597 | 17,230 | 15,361 | 14,345 | 65,568 | 63,861 | ||||||||
| Income Tax Expense | 4,219 | 2,980 | 3,189 | 3,536 | 2,909 | 13,924 | 13,040 | ||||||||
| Net Income | 13,161 | 12,617 | 14,041 | 11,825 | 11,436 | 51,644 | 50,821 | ||||||||
| Pre-Tax Loss (Income) Attributable to Noncontrolling Interest | (71 | ) | 501 | 109 | 732 | 284 | 1,271 | 1,437 | |||||||
| NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 13,090 | $ | 13,118 | $ | 14,150 | $ | 12,557 | $ | 11,720 | $ | 52,915 | $ | 52,258 | |
| PER COMMON SHARE | |||||||||||||||
| Basic Net Income | $ | 0.77 | $ | 0.77 | $ | 0.84 | $ | 0.74 | $ | 0.69 | $ | 3.12 | $ | 3.08 | |
| Diluted Net Income | 0.77 | 0.77 | 0.83 | 0.74 | 0.70 | 3.12 | 3.07 | ||||||||
| Cash Dividend | $ | 0.23 | $ | 0.23 | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.88 | $ | 0.76 | |
| AVERAGE SHARES | |||||||||||||||
| Basic | 16,946 | 16,943 | 16,931 | 16,951 | 16,947 | 16,943 | 16,987 | ||||||||
| Diluted | 16,990 | 16,979 | 16,960 | 16,969 | 16,997 | 16,969 | 17,023 | ||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES ("ACL") | |||||||||||||||||||||
| AND CREDIT QUALITY | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| 2024 | 2023 | Twelve Months Ended December 31, | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2024 | 2023 | ||||||||||||||
| ACL - HELD FOR INVESTMENT LOANS | |||||||||||||||||||||
| Balance at Beginning of Period | $ | 29,836 | $ | 29,219 | $ | 29,329 | $ | 29,941 | $ | 29,083 | $ | 29,941 | $ | 25,068 | |||||||
| Transfer from Other Liabilities | - | - | - | (50 | ) | 66 | (50 | ) | 66 | ||||||||||||
| Provision for Credit Losses | 1,085 | 1,879 | 1,129 | 932 | 2,354 | 5,025 | 9,529 | ||||||||||||||
| Net Charge-Offs (Recoveries) | 1,670 | 1,262 | 1,239 | 1,494 | 1,562 | 5,665 | 4,722 | ||||||||||||||
| Balance at End of Period | $ | 29,251 | $ | 29,836 | $ | 29,219 | $ | 29,329 | $ | 29,941 | $ | 29,251 | $ | 29,941 | |||||||
| As a % of Loans HFI | 1.10 | % | 1.11 | % | 1.09 | % | 1.07 | % | 1.10 | % | 1.10 | % | 1.10 | % | |||||||
| As a % of Nonperforming Loans | 464.14 | % | 452.64 | % | 529.79 | % | 431.46 | % | 479.70 | % | 464.14 | % | 479.70 | % | |||||||
| ACL - UNFUNDED COMMITMENTS | |||||||||||||||||||||
| Balance at Beginning of Period | 2,522 | $ | 3,139 | $ | 3,121 | $ | 3,191 | $ | 3,502 | $ | 3,191 | $ | 2,989 | ||||||||
| Provision for Credit Losses | (367 | ) | (617 | ) | 18 | (70 | ) | (311 | ) | (1,036 | ) | 202 | |||||||||
| Balance at End of Period(1) | 2,155 | 2,522 | 3,139 | 3,121 | 3,191 | 2,155 | 3,191 | ||||||||||||||
| ACL - DEBT SECURITIES | |||||||||||||||||||||
| Provision for Credit Losses | $ | (17 | ) | $ | (56 | ) | $ | 57 | $ | 58 | $ | (18 | ) | $ | 42 | $ | (17 | ) | |||
| CHARGE-OFFS | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 499 | $ | 331 | $ | 400 | $ | 282 | $ | 217 | $ | 1,512 | $ | 511 | |||||||
| Real Estate - Construction | 47 | - | - | - | - | 47 | - | ||||||||||||||
| Real Estate - Commercial | - | 3 | - | - | - | 3 | 120 | ||||||||||||||
| Real Estate - Residential | 44 | - | - | 17 | 79 | 61 | 79 | ||||||||||||||
| Real Estate - Home Equity | 33 | 23 | - | 76 | - | 132 | 39 | ||||||||||||||
| Consumer | 1,307 | 1,315 | 1,061 | 1,550 | 1,689 | 5,233 | 5,754 | ||||||||||||||
| Overdrafts | 574 | 611 | 571 | 638 | 602 | 2,394 | 2,789 | ||||||||||||||
| Total Charge-Offs | $ | 2,504 | $ | 2,283 | $ | 2,032 | $ | 2,563 | $ | 2,587 | $ | 9,382 | $ | 9,292 | |||||||
| RECOVERIES | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 103 | $ | 176 | $ | 59 | $ | 41 | $ | 83 | $ | 379 | $ | 277 | |||||||
| Real Estate - Construction | 3 | - | - | - | - | 3 | 2 | ||||||||||||||
| Real Estate - Commercial | 33 | 5 | 19 | 204 | 16 | 261 | 52 | ||||||||||||||
| Real Estate - Residential | 28 | 88 | 23 | 37 | 34 | 176 | 253 | ||||||||||||||
| Real Estate - Home Equity | 17 | 59 | 37 | 24 | 17 | 137 | 226 | ||||||||||||||
| Consumer | 352 | 405 | 313 | 410 | 433 | 1,480 | 1,936 | ||||||||||||||
| Overdrafts | 298 | 288 | 342 | 353 | 442 | 1,281 | 1,824 | ||||||||||||||
| Total Recoveries | $ | 834 | $ | 1,021 | $ | 793 | $ | 1,069 | $ | 1,025 | $ | 3,717 | $ | 4,570 | |||||||
| NET CHARGE-OFFS (RECOVERIES) | $ | 1,670 | $ | 1,262 | $ | 1,239 | $ | 1,494 | $ | 1,562 | $ | 5,665 | $ | 4,722 | |||||||
| Net Charge-Offs as a % of Average Loans HFI(2) | 0.25 | % | 0.19 | % | 0.18 | % | 0.22 | % | 0.23 | % | 0.21 | % | 0.18 | % | |||||||
| CREDIT QUALITY | |||||||||||||||||||||
| Nonaccruing Loans | $ | 6,302 | $ | 6,592 | $ | 5,515 | $ | 6,798 | $ | 6,242 | |||||||||||
| Other Real Estate Owned | 367 | 650 | 650 | 1 | 1 | ||||||||||||||||
| Total Nonperforming Assets ("NPAs") | $ | 6,669 | $ | 7,242 | $ | 6,165 | $ | 6,799 | $ | 6,243 | |||||||||||
| Past Due Loans 30-89 Days | $ | 4,311 | $ | 9,388 | $ | 5,672 | $ | 5,392 | $ | 6,855 | |||||||||||
| Classified Loans | 19,896 | 25,501 | 25,566 | 22,305 | 22,203 | ||||||||||||||||
| Nonperforming Loans as a % of Loans HFI | 0.24 | % | 0.25 | % | 0.21 | % | 0.25 | % | 0.23 | % | |||||||||||
| NPAs as a % of Loans HFI and Other Real Estate | 0.25 | % | 0.27 | % | 0.23 | % | 0.25 | % | 0.23 | % | |||||||||||
| NPAs as a % of Total Assets | 0.15 | % | 0.17 | % | 0.15 | % | 0.16 | % | 0.15 | % | |||||||||||
| (1) Recorded in other liabilities | |||||||||||||||||||||
| (2) Annualized | |||||||||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AVERAGE BALANCE AND INTEREST RATES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fourth Quarter 2024 | Third Quarter 2024 | Second Quarter 2024 | First Quarter 2024 | Fourth Quarter 2023 | Full Year 2024 | Full Year 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 | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||||||||||||||||||||||
| ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale | $ | 31,047 | $ | 976 | 7.89 | % | $ | 24,570 | $ | 720 | 7.49 | % | $ | 26,281 | $ | 517 | 5.26 | % | $ | 27,314 | 563 | 5.99 | % | $ | 49,790 | $ | 817 | 6.50 | % | $ | 27,306 | $ | 2,776 | 6.72 | % | $ | 55,510 | $ | 3,232 | 5.82 | % | ||||||||||||||||
| Loans Held for Investment(1) | 2,677,396 | 40,521 | 6.07 | 2,693,533 | 40,985 | 6.09 | 2,726,748 | 40,683 | 6.03 | 2,728,629 | 40,196 | 5.95 | 2,711,243 | 39,679 | 5.81 | 2,706,461 | 162,385 | 6.03 | 2,656,394 | 149,366 | 5.62 | ||||||||||||||||||||||||||||||||||||
| Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable Investment Securities | 914,353 | 4,688 | 2.04 | 907,610 | 4,148 | 1.82 | 918,989 | 3,998 | 1.74 | 952,328 | 4,239 | 1.78 | 962,322 | 4,389 | 1.81 | 923,253 | 17,073 | 1.85 | 1,016,550 | 18,652 | 1.83 | ||||||||||||||||||||||||||||||||||||
| Tax-Exempt Investment Securities(1) | 849 | 9 | 4.31 | 846 | 10 | 4.33 | 843 | 9 | 4.36 | 856 | 9 | 4.34 | 862 | 7 | 4.32 | 848 | 37 | 4.34 | 2,199 | 59 | 2.68 | ||||||||||||||||||||||||||||||||||||
| Total Investment Securities | 915,202 | 4,697 | 2.04 | 908,456 | 4,158 | 1.82 | 919,832 | 4,007 | 1.74 | 953,184 | 4,248 | 1.78 | 963,184 | 4,396 | 1.82 | 924,101 | 17,110 | 1.85 | 1,018,749 | 18,711 | 1.83 | ||||||||||||||||||||||||||||||||||||
| Federal Funds Sold and Interest Bearing Deposits | 298,255 | 3,596 | 4.80 | 256,855 | 3,514 | 5.44 | 262,419 | 3,624 | 5.56 | 140,488 | 1,893 | 5.42 | 99,763 | 1,385 | 5.51 | 239,712 | 12,627 | 5.27 | 203,147 | 10,126 | 4.98 | ||||||||||||||||||||||||||||||||||||
| Total Earning Assets | 3,921,900 | $ | 49,790 | 5.05 | % | 3,883,414 | $ | 49,377 | 5.06 | % | 3,935,280 | $ | 48,831 | 4.99 | % | 3,849,615 | $ | 46,900 | 4.90 | % | 3,823,980 | $ | 46,277 | 4.80 | % | 3,897,580 | $ | 194,898 | 5.00 | % | 3,933,800 | $ | 181,435 | 4.61 | % | ||||||||||||||||||||||
| Cash and Due From Banks | 73,992 | 70,994 | 74,803 | 75,763 | 76,681 | 73,881 | 75,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (30,107 | ) | (29,905 | ) | (29,564 | ) | (30,030 | ) | (29,998 | ) | (29,902 | ) | (28,190 | ) | |||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 293,884 | 291,359 | 291,669 | 295,275 | 296,114 | 293,044 | 297,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 4,259,669 | $ | 4,215,862 | $ | 4,272,188 | $ | 4,190,623 | $ | 4,166,777 | $ | 4,234,603 | $ | 4,278,686 | |||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 1,323,556 | $ | 1,332,305 | $ | 1,346,546 | $ | 1,344,188 | $ | 1,416,825 | $ | 1,336,601 | $ | 1,507,657 | |||||||||||||||||||||||||||||||||||||||||||
| NOW Accounts | 1,182,073 | $ | 3,826 | 1.29 | % | 1,145,544 | $ | 4,087 | 1.42 | % | 1,207,643 | $ | 4,425 | 1.47 | % | 1,201,032 | $ | 4,497 | 1.51 | % | 1,138,461 | $ | 3,696 | 1.29 | % | 1,183,962 | $ | 16,835 | 1.42 | % | 1,172,861 | $ | 12,375 | 1.06 | % | ||||||||||||||||||||||
| Money Market Accounts | 422,615 | 2,526 | 2.38 | 418,625 | 2,694 | 2.56 | 407,387 | 2,752 | 2.72 | 353,591 | 1,985 | 2.26 | 318,844 | 1,421 | 1.77 | 400,664 | 9,957 | 2.49 | 299,581 | 3,670 | 1.22 | ||||||||||||||||||||||||||||||||||||
| Savings Accounts | 504,859 | 179 | 0.14 | 512,098 | 180 | 0.14 | 519,374 | 176 | 0.14 | 539,374 | 188 | 0.14 | 557,579 | 202 | 0.14 | 518,869 | 723 | 0.14 | 592,033 | 598 | 0.10 | ||||||||||||||||||||||||||||||||||||
| Time Deposits | 167,321 | 1,235 | 2.94 | 163,462 | 1,262 | 3.07 | 160,078 | 1,226 | 3.08 | 138,328 | 924 | 2.69 | 116,797 | 553 | 1.88 | 157,342 | 4,647 | 2.95 | 97,480 | 939 | 0.96 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Deposits | 2,276,868 | 7,766 | 1.36 | 2,239,729 | 8,223 | 1.46 | 2,294,482 | 8,579 | 1.50 | 2,232,325 | 7,594 | 1.37 | 2,131,681 | 5,872 | 1.09 | 2,260,837 | 32,162 | 1.42 | 2,161,955 | 17,582 | 0.81 | ||||||||||||||||||||||||||||||||||||
| Total Deposits | 3,600,424 | 7,766 | 0.86 | 3,572,034 | 8,223 | 0.92 | 3,641,028 | 8,579 | 0.95 | 3,576,513 | 7,594 | 0.85 | 3,548,506 | 5,872 | 0.66 | 3,597,438 | 32,162 | 0.89 | 3,669,612 | 17,582 | 0.48 | ||||||||||||||||||||||||||||||||||||
| Repurchase Agreements | 28,018 | 199 | 2.82 | 27,126 | 221 | 3.24 | 26,999 | 217 | 3.24 | 25,725 | 201 | 3.14 | 26,831 | 199 | 2.94 | 26,970 | 838 | 3.11 | 19,917 | 513 | 2.57 | ||||||||||||||||||||||||||||||||||||
| Other Short-Term Borrowings | 6,510 | 83 | 5.06 | 2,673 | 52 | 7.63 | 6,592 | 68 | 4.16 | 3,758 | 39 | 4.16 | 16,906 | 310 | 7.29 | 4,882 | 242 | 4.94 | 24,146 | 1,538 | 6.37 | ||||||||||||||||||||||||||||||||||||
| Subordinated Notes Payable | 52,887 | 581 | 4.30 | 52,887 | 610 | 4.52 | 52,887 | 630 | 4.71 | 52,887 | 628 | 4.70 | 52,887 | 627 | 4.64 | 52,887 | 2,449 | 4.56 | 52,887 | 2,427 | 4.53 | ||||||||||||||||||||||||||||||||||||
| Other Long-Term Borrowings | 794 | 11 | 5.57 | 795 | 11 | 5.55 | 258 | 3 | 4.31 | 281 | 3 | 4.80 | 336 | 5 | 4.72 | 534 | 28 | 5.31 | 408 | 20 | 4.77 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Liabilities | 2,365,077 | $ | 8,640 | 1.45 | % | 2,323,210 | $ | 9,117 | 1.56 | % | 2,381,218 | $ | 9,497 | 1.60 | % | 2,314,976 | $ | 8,465 | 1.47 | % | 2,228,641 | $ | 7,013 | 1.25 | % | 2,346,110 | $ | 35,719 | 1.52 | % | 2,259,313 | $ | 22,080 | 0.98 | % | ||||||||||||||||||||||
| Other Liabilities | 73,130 | 73,767 | 72,634 | 68,295 | 78,772 | 71,964 | 81,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 3,761,763 | 3,729,282 | 3,800,398 | 3,727,459 | 3,724,238 | 3,754,675 | 3,848,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity | 6,763 | 6,443 | 6,493 | 7,150 | 7,423 | 6,712 | 8,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREOWNERS' EQUITY: | 491,143 | 480,137 | 465,297 | 456,014 | 435,116 | 473,216 | 421,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities, Temporary Equity and Shareowners' Equity | $ | 4,259,669 | $ | 4,215,862 | $ | 4,272,188 | $ | 4,190,623 | $ | 4,166,777 | $ | 4,234,603 | $ | 4,278,686 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Spread | $ | 41,150 | 3.59 | % | $ | 40,260 | 3.49 | % | $ | 39,334 | 3.38 | % | $ | 38,435 | 3.43 | % | $ | 39,264 | 3.55 | % | $ | 159,179 | 3.47 | % | $ | 159,355 | 3.63 | % | |||||||||||||||||||||||||||||
| Interest Income and Rate Earned(1) | 49,790 | 5.05 | 49,377 | 5.06 | 48,831 | 4.99 | 46,900 | 4.90 | 46,277 | 4.80 | 194,898 | 5.00 | 181,435 | 4.61 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Expense and Rate Paid(2) | 8,640 | 0.88 | 9,117 | 0.93 | 9,497 | 0.97 | 8,465 | 0.88 | 7,013 | 0.73 | 35,719 | 0.92 | 22,080 | 0.56 | |||||||||||||||||||||||||||||||||||||||||||
| Net Interest Margin | $ | 41,150 | 4.17 | % | $ | 40,260 | 4.12 | % | $ | 39,334 | 4.02 | % | $ | 38,435 | 4.01 | % | $ | 39,264 | 4.07 | % | $ | 159,179 | 4.08 | % | $ | 159,355 | 4.05 | % | |||||||||||||||||||||||||||||
| (1) Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Rate calculated based on average earning assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450
