Press Release


Capital City Bank Group, Inc. Reports First Quarter 2016 Results

Company Release - 4/25/2016 7:00 AM ET

TALLAHASSEE, Fla., April 25, 2016 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $1.6 million, or $0.10 per diluted share for the first quarter of 2016, compared to net income of $2.6 million, or $0.16 per diluted share for the fourth quarter of 2015, and net income of $1.0 million, or $0.06 per diluted share, for the first quarter of 2015. 

HIGHLIGHTS

  • Continued broad based loan growth -- 1.0% sequentially and 4.1% over prior year
  • Small business and commercial real estate pipelines are building
  • Nonperforming asset reduction of 10% sequentially and 48% from prior year
  • Steady growth in net interest income – up 3.8% over prior year driven by improved earning asset mix -- very well positioned for rising rates
  • Continued focus on noninterest expense reduction -- down 1.6% from prior year

“Our first quarter performance showed meaningful progress year over year, and our fundamentals continue to improve,” said William G. Smith, Jr., Chairman, President and CEO. “Despite a challenging environment, I am encouraged by our past performance and remain optimistic that the strategies we have in place will continue to produce positive results. We remain focused on loan growth, prudent expense management and problem asset resolution, and I am pleased with how each of these areas is trending. Across all levels of the enterprise, our bankers are working hard to seek out new business opportunities in our markets that will contribute to our profitability while maintaining a keen focus on risk management. We are steadfast in our decision to value long-term profitability over short-term gains.”

Compared to the fourth quarter of 2015, performance reflects lower net interest income of $0.6 million, noninterest income of $0.5 million, and higher noninterest expense of $0.7 million, partially offset by lower income taxes of $0.8 million.

Compared to the first quarter of 2015, the increase in earnings was due to higher net interest income of $0.7 million and lower noninterest expense of $0.5 million, partially offset by lower noninterest income of $0.2 million, a $0.2 million increase in the loan loss provision, and higher income taxes of $0.2 million.

The Return on Average Assets was 0.24% and the Return on Average Equity was 2.39% for the first quarter of 2016, compared to 0.39% and 3.74%, respectively, for the fourth quarter of 2015, and 0.15% and 1.45%,  respectively, for the first quarter in 2015.

Discussion of Operating Results

Tax equivalent net interest income for the first quarter of 2016 was $19.4 million compared to $20.0 million for the fourth quarter of 2015 and $18.6 million for the first quarter of 2015.  The decrease in tax equivalent net interest income compared to the fourth quarter of 2015 reflects an interest recovery in the fourth quarter for a paid off loan, partially offset by higher income on overnight funds and prime-based loans.  The increase in tax equivalent net interest income compared to the first quarter of 2015 reflects a positive shift in earning asset mix due to growth in the loan and investment portfolios, partially offset by unfavorable loan fees. 

Despite favorable volume variance in both the loan and investment portfolios, the low rate environment continues to negatively impact loan yields.  Aggressive lending competition in all markets has also unfavorably impacted the pricing for loans.  The recent 25 basis point increase in the Federal Reserve’s target rate had a favorable impact on net interest income as our overnight funds and prime-based loans repriced higher with no corresponding increase in our deposit costs.

The net interest margin for the first quarter of 2016 was 3.20%, a decrease of 17 basis points from the fourth quarter of 2015, and a decrease of seven basis points from the first quarter of 2015.  The decrease in the margin compared to the fourth quarter of 2015 was primarily attributable to aforementioned interest recovery.  The decrease in the margin compared to the first quarter of 2015 was primarily attributable to overall growth in earning assets and a decline in loan yields.

The provision for loan losses for the first quarter of 2016 was $0.5 million compared to $0.5 million for the fourth quarter of 2015 and $0.3 million for the first quarter of 2015.  We continue to realize favorable problem loan migration and improvement in key credit metrics.  The slight increase in the provision compared to the first quarter of 2015 primarily reflects growth in the loan portfolio.  Net charge-offs for the first quarter of 2016 totaled $0.8 million, or 0.21% (annualized) of average loans, compared to $1.3 million, or 0.34% (annualized), for the fourth quarter of 2015 and $1.7 million, or 0.49% (annualized), for the first quarter of 2015.  At March 31, 2016, the allowance for loan losses was $13.6 million, or 0.90% of outstanding loans (net of overdrafts) and provided coverage of 150% of nonperforming loans compared to 0.93% and 135%, respectively, at December 31, 2015, and 1.10% and 96%, respectively, at March 31, 2015.

Noninterest income for the first quarter of 2016 totaled $12.7 million, a decrease of $0.5 million, or 4.1%, from the fourth quarter of 2015 primarily attributable to lower deposit fees of $0.3 million and wealth management fees of $0.1 million.  The decrease in deposit fees primarily reflects lower utilization of our overdraft protection service during the first quarter as clients receive tax refunds.  The reduction in wealth management fees reflects lower fees from our trust business which had a very strong fourth quarter due to higher estate management fees.  Compared to the first quarter of 2015, noninterest income decreased $0.2 million, or 1.3%, reflective of a $0.2 million decrease in wealth management fees and a $0.1 million decrease in deposit fees, partially offset by higher bank card fees of $0.1 million.  The reduction in wealth management fees generally reflects a lower level of assets under management.  An increase in charged off checking accounts drove the reduction in deposit fees.  Higher debit card activity and average ticket amount drove the increase in bank card fees.  

Noninterest expense for the first quarter of 2016 totaled $28.9 million, an increase of $0.7 million, or 2.3%, over the fourth quarter of 2015.  The increase reflects higher compensation expense of $0.4 million, other real estate expense of $0.2 million, and other expense of $0.3 million, partially offset by lower occupancy expense of $0.2 million.  The increase in compensation expense was primarily due to higher payroll tax expense reflecting the reset of social security taxes.  A higher level of property valuation adjustments drove the increase in other real estate expense.  The increase in other expense was primarily attributable to higher legal fees and processing fees.  The increase in legal fees reflects a higher level of legal support needed for problem asset resolutions and the increase in processing fees reflects a fourth quarter volume credit received from our debit card processor.  Depending on specific activity during the quarter, legal fees can be volatile but have been trending down for the last four years.  Lower furniture, fixtures, and equipment (“FF&E”) maintenance agreement expense and FF&E maintenance/repairs drove the reduction in occupancy expense.  Compared to the first quarter of 2015, noninterest expense decreased $0.5 million, or 1.6%, attributable to lower compensation expense of $0.3 million and other expense of $0.2 million.  A higher level of deferred loan cost partially offset by higher pension plan expense drove the reduction in compensation.  The decrease in other expense reflects a lower level of consulting fees.      

We realized income tax expense of $0.8 million (34.3% effective rate) for the first quarter of 2016 compared to $1.6 million (38.4% effective rate) for the fourth quarter of 2015 and $0.6 million (41.0% effective rate) for the first quarter of 2015.  Income taxes for the fourth quarter of 2015 and the first quarter of 2015 include deferred tax write-offs of $0.1 million and $0.2 million, respectively, related to forfeited/expired stock awards.  Absent future discrete events, we anticipate our effective income tax rate to remain in the range of 34%-35%.

Discussion of Financial Condition

Average earning assets were $2.441 billion for the first quarter of 2016, an increase of $87.0 million, or 3.7%, over the fourth quarter of 2015 and an increase of $134.2 million, or 5.8%, over the first quarter of 2015.  The growth in earning assets over the fourth quarter of 2015 reflects a higher level of public fund deposits.  The increase compared to the first quarter of 2015 reflects deposit growth, primarily noninterest bearing and savings accounts.

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $286.2 million during the first quarter of 2016 compared to an average net overnight funds sold position of $222.8 million in the fourth quarter of 2015 and an average net overnight funds sold position of $302.4 million in the first quarter of 2015.  The increase in net overnight funds compared to the fourth quarter of 2015 reflects higher levels of all deposit products except money market accounts and certificates of deposit, partially offset by growth in both the investment and loan portfolios. The decrease relative to the first quarter of 2015 is primarily attributable to growth in both the loan and investment portfolios, partially offset by an increase in average deposits.

Average loans increased $15.0 million, or 1.0% when compared to the fourth quarter of 2015, and have grown $58.9 million, or 4.1% compared to the first quarter of 2015.  Growth over both prior periods has been experienced in all loan products, with the exception of commercial mortgages.  Without compromising our credit standards or taking on inordinate interest rate risk, we continue to make minor modifications on some of our lending programs to try to mitigate the significant impact that consumer and business deleveraging is having on our portfolio.  These programs, coupled with economic improvements in our anchor markets, have helped to increase overall production.

Nonperforming assets (nonaccrual loans and OREO) totaled $26.5 million at the end of the first quarter of 2016, a decrease of $3.1 million from the fourth quarter of 2015 and $24.1 million from the first quarter of 2015.  Nonaccrual loans totaled $9.0 million at the end of the first quarter of 2016, a $1.3 million decrease from the fourth quarter of 2015 and a decrease of $7.7 million from the first quarter of 2015.  Nonaccrual loan additions in the first quarter of 2016 totaled $3.8 million compared to $3.6 million and $5.8 million for the fourth and first quarters of 2015, respectively.  The balance of OREO totaled $17.4 million at the end of the first quarter of 2016, a decrease of $1.8 million and $16.4 million, respectively, from the fourth and first quarters of 2015.  For the first quarter of 2016, we added properties totaling $1.2 million, sold properties totaling $2.2 million, and recorded valuation adjustments totaling $0.8 million.  Nonperforming assets represented 0.95% of total assets at March 31, 2016, compared to 1.06% at December 31, 2015 and 1.88% at March 31, 2015. 

Average total deposits were $2.259 billion for the first quarter of 2016, an increase of $83.9 million, or 3.9%, over the fourth quarter of 2015, and an increase of $95.2 million, or 4.4%, over the first quarter of 2015.  The increase in deposits when compared to the fourth quarter of 2015 primarily reflects higher levels of public fund NOW and savings accounts, partially offset by a decline in money market accounts and certificates of deposit. The increase in deposits, when compared to the first quarter of 2015, is attributable to higher levels of noninterest bearing and savings accounts.  The seasonal inflows of public funds most likely peaked in the first quarter of 2016, and are expected to decline into the fourth quarter of 2016.

Deposit levels remain strong, particularly given the recent increase in the fed funds rate.  Although competitive rates will be closely monitored given this change, we do not attempt to compete with higher rate paying competitors for deposits.  Prudent pricing discipline will continue to be the key to managing our mix of deposits. 

When compared to the fourth quarter of 2015, average borrowings decreased $2.0 million primarily due to a decline in repurchase agreements. Compared to the first quarter of 2015, average borrowings increased by $14.1 million, attributable to higher levels of repurchase agreement balances, partially offset by pay downs of FHLB advances.

Equity capital was $276.8 million as of March 31, 2016, compared to $274.4 million as of December 31, 2015 and $274.1 million as of March 31, 2015.  Our leverage ratio was 10.34%, 10.65%, and 10.73%, respectively, for these periods.  Further, as of March 31, 2016, our risk-adjusted capital ratio was 17.20% compared to 17.25% and 17.11% as of December 31, 2015 and March 31, 2015, respectively.  Our common equity tier 1 ratio was 12.82% as of March 31, 2016, compared to 12.84% and 12.57% as of December 31, 2015 and March 31, 2015, respectively.  All of our capital ratios significantly exceed the threshold to be designated as “well-capitalized” under the Basel III capital standards.          

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 $2.8 billion in assets.  The Company provides a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, data processing and securities brokerage services.  The Company's bank subsidiary, Capital City Bank, was founded in 1895 and now has 61 banking offices and 71 ATMs in Florida, Georgia and Alabama.  For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause the Company’s future results to differ materially.  The following factors, among others, could cause the Company’s actual results to differ: the accuracy of the Company’s financial statement estimates and assumptions; legislative or regulatory changes, including the Dodd-Frank Act, Basel III, and the ability to repay and qualified mortgage standards; fluctuations in inflation, interest rates, or monetary policies; the effects of security breaches and computer viruses that may affect the Company’s computer systems or fraud related to debit card products; changes in consumer spending and savings habits; the Company’s growth and profitability; the strength of the U.S. economy and the local economies where the Company conducts operations; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; harsh weather conditions and man-made disasters; changes in the stock market and other capital and real estate markets; customer acceptance of third-party products and services; increased competition and its effect on pricing, including the long-term impact on our net interest margin from the repeal of Regulation Q; negative publicity and the impact on our reputation; technological changes, especially changes that allow out of market competitors to compete in our markets; changes in accounting; and the Company’s ability to manage the risks involved in the foregoing.  Additional factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and the Company’s other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov).  Forward-looking statements in this Press Release speak only as of the date of the Press Release, and the Company assumes no obligation to update forward-looking statements or the reasons why actual results could differ.

CAPITAL CITY BANK GROUP, INC.      
EARNINGS HIGHLIGHTS      
Unaudited      
       
  Three Months Ended
(Dollars in thousands, except per share data) Mar 31, 2016 Dec 31, 2015 Mar 31, 2015
       
EARNINGS      
Net Income$1,647 $2,602 $986 
Net Income Per Common Share$0.10 $0.16 $0.06 
PERFORMANCE      
Return on Average Assets 0.24% 0.39% 0.15%
Return on Average Equity 2.39% 3.74% 1.45%
Net Interest Margin 3.20% 3.37% 3.27%
Noninterest Income as % of Operating Revenue39.76% 40.05% 40.98%
Efficiency Ratio 90.13% 85.11% 93.42%
CAPITAL ADEQUACY      
Tier 1 Capital Ratio 16.39% 16.42% 16.16%
Total Capital Ratio 17.20% 17.25% 17.11%
Tangible Common Equity Ratio 7.09% 6.99% 7.26%
Leverage Ratio 10.34% 10.65% 10.73%
Common Equity Tier 1 Ratio 12.82% 12.84% 12.57%
Equity to Assets 9.91% 9.81% 10.18%
ASSET QUALITY      
Allowance as % of Non-Performing Loans 150.44% 135.40% 95.83%
Allowance as a % of Loans 0.90% 0.93% 1.10%
Net Charge-Offs as % of Average Loans 0.21% 0.34% 0.49%
Nonperforming Assets as % of Loans and ORE 1.73% 1.94% 3.38%
Nonperforming Assets as % of Total Assets 0.95% 1.06% 1.88%
STOCK PERFORMANCE      
High$15.88 $16.05 $16.33 
Low 12.83  13.56  13.16 
Close$14.59 $15.35 $16.25 
Average Daily Trading Volume 14,207  19,500  15,058 
       

 

CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION         
Unaudited          
           
   2016   2015 
(Dollars in thousands) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
ASSETS          
Cash and Due From Banks$ 45,914 $ 51,288 $ 42,917 $ 61,484 $ 51,948 
Funds Sold and Interest Bearing Deposits  304,908   327,617   167,787   185,572   296,888 
Total Cash and Cash Equivalents  350,822   378,905   210,704   247,056   348,836 
           
Investment Securities Available for Sale  462,444   451,028   444,071   433,688   404,887 
Investment Securities Held to Maturity  187,079   187,892   193,964   201,805   183,489 
Total Investment Securities  649,523   638,920   638,035   635,493   588,376 
           
Loans Held for Sale  10,475   11,632   10,960   10,991   13,334 
           
Loans, Net of Unearned Interest          
Commercial, Financial, & Agricultural  183,681   179,816   169,588   151,116   143,951 
Real Estate - Construction  42,538   46,484   49,475   44,216   41,595 
Real Estate - Commercial  503,259   499,813   491,734   510,962   507,681 
Real Estate - Residential  285,772   285,748   280,690   284,333   287,481 
Real Estate - Home Equity  234,128   233,901   232,254   230,388   228,171 
Consumer  245,197   240,434   238,884   238,599   230,984 
Other Loans  10,297   4,837   10,094   12,048   9,243 
Overdrafts  1,963   1,242   2,464   2,603   2,348 
Total Loans, Net of Unearned Interest  1,506,835   1,492,275   1,475,183   1,474,265   1,451,454 
Allowance for Loan Losses  (13,613)  (13,953)  (14,737)  (15,236)  (16,090)
Loans, Net  1,493,222   1,478,322   1,460,446   1,459,029   1,435,364 
           
Premises and Equipment, Net  98,029   98,819   98,218   99,108   100,038 
Goodwill  84,811   84,811   84,811   84,811   84,811 
Other Real Estate Owned  17,450   19,290   25,219   30,167   33,835 
Other Assets  87,854   87,161   86,701   87,489   89,121 
Total Other Assets  288,144   290,081   294,949   301,575   307,805 
           
Total Assets$ 2,792,186 $ 2,797,860 $ 2,615,094 $ 2,654,144 $ 2,693,715 
           
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits$ 790,040 $ 758,283 $ 720,824 $ 723,866 $ 707,470 
NOW Accounts  786,432   848,330   688,491   734,237   801,037 
Money Market Accounts  254,682   248,367   261,050   264,475   257,684 
Regular Savings Accounts  286,807   269,162   262,843   255,185   250,862 
Certificates of Deposit  173,447   178,707   181,775   186,881   192,961 
Total Deposits  2,291,408   2,302,849   2,114,983   2,164,644   2,210,014 
           
Short-Term Borrowings  62,922   61,058   65,355   53,698   49,488 
Subordinated Notes Payable  62,887   62,887   62,887   62,887   62,887 
Other Long-Term Borrowings  27,062   28,265   29,042   29,733   30,418 
Other Liabilities  71,074   68,449   69,168   71,144   66,821 
           
Total Liabilities  2,515,353   2,523,508   2,341,435   2,382,106   2,419,628 
           
SHAREOWNERS' EQUITY          
Common Stock  172   172   171   172   175 
Additional Paid-In Capital  38,671   38,256   37,738   37,625   42,941 
Retained Earnings  259,139   258,181   256,265   255,096   251,765 
Accumulated Other Comprehensive Loss, Net of Tax  (21,149)  (22,257)  (20,515)  (20,855)  (20,794)
           
Total Shareowners' Equity  276,833   274,352   273,659   272,038   274,087 
           
Total Liabilities and Shareowners' Equity$ 2,792,186 $ 2,797,860 $ 2,615,094 $ 2,654,144 $ 2,693,715 
           
OTHER BALANCE SHEET DATA          
Earning Assets$ 2,471,741 $ 2,470,445 $ 2,291,966 $ 2,306,322 $ 2,350,052 
Core Deposits  0   0   0   0   0 
Other  0   0   0   0   0 
Interest Bearing Liabilities  1,654,239   1,696,776   1,551,443   1,587,096   1,645,337 
           
Book Value Per Diluted Share$ 16.04 $ 15.93 $ 15.91 $ 15.80 $ 15.59 
Tangible Book Value Per Diluted Share  11.13   11.00   10.98   10.87   10.77 
           
Actual Basic Shares Outstanding  17,222   17,157   17,144   17,154   17,533 
Actual Diluted Shares Outstanding  17,254   17,226   17,223   17,216   17,579 
           

 

CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF INCOME          
Unaudited          
           
  2016 2015
(Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
           
INTEREST INCOME          
Interest and Fees on Loans$18,045$18,861$18,214$18,231$17,863
Investment Securities 1,637 1,572 1,540 1,451 1,294
Funds Sold 362 169 123 151 189
Total Interest Income 20,044 20,602 19,877 19,833 19,346
           
INTEREST EXPENSE          
Deposits 221 219 220 259 246
Short-Term Borrowings 10 9 14 15 21
Subordinated Notes Payable 387 354 344 338 332
Other Long-Term Borrowings 216 226 233 237 240
Total Interest Expense 834 808 811 849 839
Net Interest Income 19,210 19,794 19,066 18,984 18,507
Provision for Loan Losses 452 513 413 375 293
Net Interest Income after Provision for Loan Losses18,758 19,281 18,653 18,609 18,214
           
NONINTEREST INCOME          
Deposit Fees 5,400 5,664 5,721 5,682 5,541
Bank Card Fees 2,853 2,866 2,826 2,844 2,742
Wealth Management Fees 1,792 1,893 1,818 1,776 2,046
Mortgage Banking Fees 1,030 1,043 1,306 1,203 987
Data Processing Fees 347 335 400 364 373
Other 1,255 1,420 1,157 2,925 1,159
Total Noninterest Income 12,677 13,221 13,228 14,794 12,848
           
NONINTEREST EXPENSE          
Compensation 16,241 15,833 16,653 16,404 16,524
Occupancy, Net 4,459 4,638 4,446 4,258 4,396
Other Real Estate, Net 1,425 1,241 1,302 931 1,497
Other 6,805 6,568 6,763 6,846 6,973
Total Noninterest Expense 28,930 28,280 29,164 28,439 29,390
           
OPERATING PROFIT 2,505 4,222 2,717 4,964 1,672
Income Tax Expense 858 1,620 1,034 1,119 686
NET INCOME$1,647$2,602$1,683$3,845$986
           
PER SHARE DATA          
Basic Income$0.10$0.16$0.09$0.22$0.06
Diluted Income 0.10 0.16 0.09 0.22 0.06
Cash Dividend$0.04$0.04$0.03$0.03$0.03
AVERAGE SHARES          
Basic 17,202 17,145 17,150 17,296 17,508
Diluted 17,235 17,214 17,229 17,358 17,555
           

 

CAPITAL CITY BANK GROUP, INC.          
ALLOWANCE FOR LOAN LOSSES           
AND RISK ELEMENT ASSETS          
Unaudited          
           
   2016   2015   2015   2015   2015 
(Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
           
ALLOWANCE FOR LOAN LOSSES          
Balance at Beginning of Period$ 13,953 $ 14,737 $ 15,236 $ 16,090 $ 17,539 
Provision for Loan Losses  452   513   413   375   293 
Net Charge-Offs  792   1,297   912   1,229   1,742 
Balance at End of Period$ 13,613 $ 13,953 $ 14,737 $ 15,236 $ 16,090 
As a % of Loans  0.90%  0.93%  0.99%  1.03%  1.10%
As a % of Nonperforming Loans  150.44%  135.40%  112.17%  99.46%  95.83%
           
CHARGE-OFFS          
Commercial, Financial and Agricultural$ 37 $ 135 $ 365 $ 239 $ 290 
Real Estate - Construction  -   -   -   -   - 
Real Estate - Commercial  274   87   (26)  285   904 
Real Estate - Residential  478   587   476   484   305 
Real Estate - Home Equity  215   397   370   454   182 
Consumer  439   656   318   351   576 
Total Charge-Offs$ 1,443 $ 1,862 $ 1,503 $ 1,813 $ 2,257 
           
RECOVERIES          
Commercial, Financial and Agricultural$ 39 $ 57 $ 45 $ 82 $ 55 
Real Estate - Construction  -   -   -   -   - 
Real Estate - Commercial  81   13   86   54   30 
Real Estate - Residential  236   264   193   200   48 
Real Estate - Home Equity  59   37   42   33   24 
Consumer  236   194   225   215   358 
Total Recoveries$ 651 $ 565 $ 591 $ 584 $ 515 
           
NET CHARGE-OFFS$ 792 $ 1,297 $ 912 $ 1,229 $ 1,742 
           
Net Charge-Offs as a % of Average Loans(1)  0.21%  0.34%  0.24%  0.33%  0.49%
           
RISK ELEMENT ASSETS          
Nonaccruing Loans$ 9,049 $ 10,305 $ 13,138 $ 15,320 $ 16,790 
Other Real Estate Owned  17,450   19,290   25,219   30,167   33,835 
Total Nonperforming Assets$ 26,499 $ 29,595 $ 38,357 $ 45,487 $ 50,625 
           
Past Due Loans 30-89 Days$ 3,599 $ 5,775 $ 4,335 $ 5,858 $ 3,689 
Past Due Loans 90 Days or More  -   -   -   -   - 
Classified Loans  49,780   53,551   61,411   69,152   74,247 
Performing Troubled Debt Restructurings$ 36,700 $ 35,634 $ 35,961 $ 41,632 $ 42,590 
           
Nonperforming Loans as a % of Loans  0.60%  0.69%  0.88%  1.03%  1.15%
Nonperforming Assets as a % of          
Loans and Other Real Estate  1.73%  1.94%  2.54%  3.00%  3.38%
Nonperforming Assets as a % of Total Assets  0.95%  1.06%  1.47%  1.71%  1.88%
           
(1) Annualized          
           

 

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES(1)
Unaudited
                                    
                                    
  First Quarter 2016  Fourth Quarter 2015  Third Quarter 2015  Second Quarter 2015  First Quarter 2015 
(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, Net of Unearned Interest$ 1,507,508  18,141 4.84%$ 1,492,521  18,952 5.04%$ 1,483,657  18,290 4.89%$ 1,473,954  18,285 4.98%$ 1,448,617  17,909 5.01%
                                    
Investment Securities                                   
Taxable Investment Securities  552,092  1,420 1.03   544,542  1,365 0.99   543,550  1,347 0.98   540,735  1,313 0.97   491,637  1,198 0.98 
Tax-Exempt Investment Securities  94,951  332 1.40   93,838  328 1.40   92,685  304 1.31   76,191  219 1.15   63,826  154 0.96 
                                    
Total Investment Securities  647,043  1,752 1.09   638,380  1,693 1.05   636,235  1,651 1.03   616,926  1,532 0.99   555,463  1,352 0.98 
                                    
Funds Sold  286,167  362 0.51   222,828  169 0.30   190,931  123 0.26   237,132  151 0.26   302,405  189 0.25 
                                    
Total Earning Assets  2,440,718 $20,255 3.34%  2,353,729 $20,814 3.51%  2,310,823 $20,064 3.45%  2,328,012 $19,968 3.44%  2,306,485 $19,450 3.42%
                                    
Cash and Due From Banks  47,834        45,875        45,872        52,473        48,615      
Allowance for Loan Losses  (13,999)       (14,726)       (15,403)       (16,070)       (17,340)     
Other Assets  289,193        293,336        298,400        306,286        310,791      
                                    
Total Assets$ 2,763,746      $ 2,678,214      $ 2,639,692      $ 2,670,701      $ 2,648,551      
                                    
LIABILITIES:                                   
Interest Bearing Deposits                                   
NOW Accounts$ 798,996 $69 0.03%$ 725,538 $62 0.03%$ 709,130 $60 0.03%$ 761,388 $64 0.03%$ 794,308 $68 0.03%
Money Market Accounts  252,446  29 0.05   259,091  30 0.05   261,749  31 0.05   256,265  32 0.05   254,483  41 0.07 
Savings Accounts  277,745  34 0.05   266,468  33 0.05   258,752  32 0.05   253,808  31 0.05   242,256  30 0.05 
Time Deposits  177,057  89 0.20   180,124  94 0.21   183,976  97 0.21   189,213  132 0.28   194,655  107 0.22 
Total Interest Bearing Deposits  1,506,244  221 0.06%  1,431,221  219 0.06%  1,413,607  220 0.06%  1,460,674  259 0.07%  1,485,702  246 0.07%
                                    
Short-Term Borrowings  66,938  10 0.06%  68,093  9 0.06%  61,548  14 0.09%  54,237  15 0.11%  49,809  21 0.17%
Subordinated Notes Payable  62,887  387 2.43   62,887  354 2.20   62,887  344 2.14   62,887  338 2.13   62,887  332 2.11 
Other Long-Term Borrowings  27,769  216 3.12   28,618  226 3.14   29,383  233 3.15   30,067  237 3.16   30,751  240 3.16 
                                    
Total Interest Bearing Liabilities  1,663,838 $834 0.20%  1,590,819 $808 0.20%  1,567,425 $811 0.21%  1,607,865 $849 0.21%  1,629,149 $839 0.21%
                                    
Noninterest Bearing Deposits  752,356        743,497        723,826        717,725        677,674      
Other Liabilities  70,088        68,005        73,485        70,690        66,424      
                                    
Total Liabilities  2,486,282        2,402,321        2,364,736        2,396,280        2,373,247      
                                    
SHAREOWNERS' EQUITY:  277,464        275,893        274,956        274,421        275,304      
                                    
Total Liabilities and Shareowners' Equity$ 2,763,746      $ 2,678,214      $ 2,639,692      $ 2,670,701      $ 2,648,551      
                                    
Interest Rate Spread  $19,421 3.14%  $20,006 3.31%  $19,253 3.24%  $19,119 3.23%  $18,611 3.21%
                                    
Interest Income and Rate Earned(1)   20,255 3.34    20,814 3.51    20,064 3.45    19,968 3.44    19,450 3.42 
Interest Expense and Rate Paid(2)   834 0.14    808 0.14    811 0.14    849 0.15    839 0.15 
                                    
Net Interest Margin  $19,421 3.20%  $20,006 3.37%  $19,253 3.31%  $19,119 3.29%  $18,611 3.27%
                                    
(1)  Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
(2)  Rate calculated based on average earning assets.
                                    
For Information Contact:
J. Kimbrough Davis
Executive Vice President and Chief Financial Officer
850.402.7820

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Source: Capital City Bank Group, Inc.
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