Press Release


Capital City Bank Group, Inc. Reports First Quarter 2019 Results

Company Release - 4/22/2019 7:00 AM ET

TALLAHASSEE, Fla., April 22, 2019 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $6.4 million, or $0.38 per diluted share for the first quarter of 2019 compared to net income of $8.5 million, or $0.50 per diluted share for the fourth quarter of 2018, and $5.8 million, or $0.34 per diluted share for the first quarter of 2018. 

Net income for the first quarter of 2018 included a $1.5 million, or $0.09 per diluted share tax benefit related to a 2017 plan year pension plan contribution. Net income for the fourth quarter of 2018 included a $2.0 million, or $0.09 per diluted share, gain from the sale of a banking office and a $0.3 million, or $0.02 per diluted share, tax benefit from a tax accounting method change.

HIGHLIGHTS

  • Net interest income up 2.3% sequentially and 14.5% over prior year
  • Period-end loan growth of 1.2% sequentially and 8.1% over prior year
  • 42 basis points cost of funds reflects the quality of our core deposit base (~ 38% noninterest bearing)
  • Continued efforts to restrain expense growth 
  • Nonperforming assets down 24% sequentially and 35% from prior year

“The results of the first quarter were strong and a great start to the new year,” said William G. Smith, Jr., Chairman, President and CEO. “Loan growth finished strong – up $21 million quarter over quarter. Four rate increases during 2018 and a strong core deposit base continue to positively impact our net interest income, which on a sequential basis, increased $600,000 as the higher rates roll through our earning asset portfolios. Lowering our efficiency ratio is a top priority and we have multiple strategies in place to grow revenues and reduce expenses. I am pleased to say that credit quality has returned to pre-crisis levels and our capital position is stronger today than it was then. Florida is growing and we are once again on offense following a number of years playing defense after the crisis. I am optimistic about 2019 and your management team will remain focused on implementing strategies that produce long-term value for our shareowners.”

Compared to the fourth quarter of 2018, the $2.1 million decrease in operating profit reflected a $1.7 million increase in noninterest expense, lower noninterest income of $0.7 million, and a $0.3 million increase in the loan loss provision, partially offset by higher net interest income of $0.6 million.

Compared to the first quarter of 2018, the $2.9 million increase in operating profit was attributable to higher net interest income of $3.1 million and noninterest income of $0.1 million, partially offset by higher noninterest expense of $0.3 million.

Our return on average assets (“ROA”) was 0.87% and our return on average equity (“ROE”) was 8.49% for the first quarter of 2019 compared to 0.81% and 8.14%, respectively, for the first quarter of 2018. 

Discussion of Operating Results

Tax-equivalent net interest income for the first quarter of 2019 was $25.0 million compared to $24.5 million for the fourth quarter of 2018 and $21.9 million for the first quarter of 2018. During the first quarter of 2019, overnight funds increased primarily due to seasonal growth in our public fund deposits and a higher balance of one large negotiated rate client. The increase in tax-equivalent net interest income compared to the first quarter of 2018 reflected growth in the loan portfolio and higher rates earned on overnight funds, investment securities, and variable rate loans, partially offset by a higher cost on our negotiated rate deposits.

The federal funds target rate ended the first quarter of 2019 at a range of 2.25%-2.50%, with the most recent increase to the target rate occurring in December 2018. These fed rate increases positively affected our net interest income due to favorable repricing of our variable and adjustable rate earning assets. Although these increases resulted in higher rates paid on our negotiated rate deposit products, we continue to prudently manage our deposit mix and overall cost of funds, which was 42 basis points for the first quarter of 2019 compared to 31 basis points for the prior quarter. In conjunction with our overall balance sheet management, we continue to review our deposit board rates to determine whether rate increases are appropriate. We have developed several new deposit products designed to help maintain existing relationships for clients seeking higher returns on their deposit balances.

Our net interest margin for the first quarter of 2019 was 3.75%, a decrease of six basis points compared to the fourth quarter of 2018 and an increase of 32 basis points over the first quarter of 2018. The decrease in margin compared to the fourth quarter of 2018 was attributable to a higher level and less favorable mix of earning assets and an increase in cost of funds, primarily negotiated NOW and MMAs. All three factors were driven by the seasonal inflow of public fund deposits, which is anticipated in the first quarter of each year. The increase in the margin compared to the first quarter of 2018 was primarily due to loan growth and higher yields on our variable and adjustable rate earning assets, partially offset by higher rates on our negotiated rate deposits.

The provision for loan losses for the first quarter of 2019 was $0.8 million compared to $0.5 million for the fourth quarter of 2018 and $0.7 million for the first quarter of 2018. The higher provision compared to the fourth quarter of 2018 was primarily attributable to higher net loan charge-offs. At March 31, 2019, the allowance for loan losses of $14.1 million represented 0.78% of outstanding loans (net of overdrafts) and provided coverage of 280% of nonperforming loans compared to 0.80% and 207%, respectively, at December 31, 2018 and 0.80% and 181%, respectively, at March 31, 2018.

Noninterest income for the first quarter of 2019 totaled $12.6 million, a decrease of $0.7 million, or 5.2%, from the fourth quarter of 2018 and a $0.1 million, or 0.6%, increase over the first quarter of 2018. The decrease from the fourth quarter of 2018 was primarily attributable to lower deposit fees and mortgage banking fees.

Noninterest expense for the first quarter of 2019 totaled $28.2 million, an increase of $1.7 million, or 6.4%, over the fourth quarter of 2018 and $0.3 million, or 1.0%, over the first quarter of 2018. The increase over the fourth quarter was primarily attributable to higher other real estate expense of $2.0 million, partially offset by lower occupancy expense of $0.3 million. The increase in other real estate expense reflected a $2.0 million gain on the sale of a banking office in the fourth quarter of 2018. The decrease in occupancy expense was primarily attributable to lower maintenance expense for premises.

We realized income tax expense of $2.1 million for the first quarter of 2019 compared to $2.2 million for the fourth quarter of 2018 and an income tax benefit of $0.2 million for the first quarter of 2018. Fourth quarter of 2018 income tax expense reflected a discrete tax benefit of $0.3 million related to a tax accounting method change for a cost segregation and depreciation analysis for various properties we own. Income tax for the first quarter of 2018 included a discrete tax benefit of $1.5 million resulting from the effect of federal tax reform, on a pension plan contribution made in the first quarter of 2018 for the plan year 2017. Absent discrete items, we expect our effective tax rate to approximate 24%. 

Discussion of Financial Condition

Average earning assets were $2.705 billion for the first quarter of 2019, an increase of $150.3 million, or 5.9%, over the fourth quarter of 2018, and an increase of $112.3 million, or 4.3%, over the first quarter of 2018. The change in average earning assets over both periods reflected a higher level of total deposits, resulting in a higher balance of overnight funds sold.

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $265.7 million during the first quarter of 2019 compared to $80.8 million in the fourth quarter of 2018 and $240.9 million in the first quarter of 2018. The increase in the average net overnight funds compared to both prior periods resulted from increases in all deposit types except money market accounts and certificates of deposit.

While average loans decreased slightly ($5.2 million, or 0.3%) when compared to the fourth quarter of 2018, they grew $132.8 million, or 8.1% when compared to the first quarter of 2018. On an “as of” basis, loans grew $20.6 million and $134.9 million, respectively. The average decrease compared to the fourth quarter of 2018 primarily reflected declines in all loan types except commercial real estate and consumer loans. During the first quarter 2019, we purchased principal balances of $10.3 million in commercial real estate loans and $4.4 million in residential real estate loan pools, which partially offset the decline in quarterly loan production. Average growth over the first quarter of 2018 was experienced in all loan categories, with the exception of home equity loans. A portion of this growth compared to the first quarter 2018 was attributable to $36.8 million in principal balances of several loan pool purchases ($22.1 million in 2018 and $14.7 million in the first quarter of 2019). All loan purchases are individually reviewed and evaluated in accordance with our credit underwriting standards.

Nonperforming assets (nonaccrual loans and OREO) totaled $6.9 million at March 31, 2019, a decrease of $2.2 million, or 23.6%, from December 31, 2018 and $3.7 million, or 34.7%, from March 31, 2018. Nonaccrual loans totaled $5.0 million at March 31, 2019, a $1.8 million decrease from December 31, 2018 and a $2.3 million decrease from March 31, 2018. Nonaccrual loan additions totaled $2.5 million for the first quarter of 2019 compared to $3.1 million for the fourth quarter of 2018 and $1.8 million for the first quarter of 2018. The balance of OREO totaled $1.9 million at March 31, 2019, a decrease of $0.4 million and $1.4 million, respectively, from December 31, 2018 and March 31, 2018. For the first quarter of 2019, we added properties totaling $0.5 million, sold properties totaling $0.7 million, and recorded valuation adjustments totaling $0.2 million. 

Average total deposits were $2.565 billion for the first quarter of 2019, an increase of $152.3 million, or 6.3% over the fourth quarter of 2018, and an increase of $108.6 million, or 4.4% over the first quarter of 2018. The increase in average deposits compared to both prior periods reflected increases in all deposit types except money market accounts and certificates of deposit. The seasonal influx of negotiated public NOW accounts has most likely peaked for this cycle, and is expected to gradually decline through the fourth quarter of 2019. 

Deposit levels remain strong, and average core deposits continue to experience growth. We monitor deposit rates on an ongoing basis and adjust if necessary, as a prudent pricing discipline remains the key to managing our mix of deposits.

Average borrowings decreased $5.8 million compared to the fourth quarter of 2018 and decreased $3.1 million compared to the first quarter of 2018. Declines from both prior periods were primarily due to payoffs of FHLB advances.

Shareowners’ equity was $309.0 million at March 31, 2019, compared to $302.6 million at December 31, 2018 and $288.4 million at March 31, 2018. Our leverage ratio was 10.53%, 10.89%, and 10.36%, respectively, on these dates. Further, at March 31, 2019, our risk-adjusted capital ratio was 17.09% compared to 17.13% and 17.05% at December 31, 2018 and March 31, 2018, respectively. Our common equity tier 1 ratio was 13.62% at March 31, 2019, compared to 13.58% at December 31, 2018 and 13.44% at March 31, 2018. At March 31, 2019, each of our regulatory capital ratios exceeded 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 $3.0 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 59 banking offices and 73 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 our future results to differ materially. The following factors, among others, could cause our actual results to differ: the accuracy of the our 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 our computer systems or fraud related to debit card products; changes in consumer spending and savings habits; our growth and profitability; the strength of the U.S. economy and the local economies where we conduct operations; the effects of a non-diversified loan portfolio, including the risks of geographic and industry concentrations; 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 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, 2018, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.

USE OF NON-GAAP FINANCIAL MEASURES

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

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018
Shareowners' Equity (GAAP) $308,986 $302,587 $298,016 $293,571 $288,360 
Less: Goodwill (GAAP)  84,811  84,811  84,811  84,811  84,811 
Tangible Shareowners' Equity (non-GAAP)A 224,175  217,776  213,205  208,760  203,549 
Total Assets (GAAP)  3,052,051  2,959,183  2,819,190  2,880,278  2,924,832 
Less: Goodwill (GAAP)  84,811  84,811  84,811  84,811  84,811 
Tangible Assets (non-GAAP)B$2,967,240 $2,874,372 $2,734,379 $2,795,467 $2,840,021 
Tangible Common Equity Ratio (non-GAAP)A/B 7.56% 7.58% 7.80% 7.47% 7.17%
Actual Diluted Shares Outstanding (GAAP)C 16,840,496  16,808,542  17,127,846  17,114,380  17,088,419 
Tangible Book Value per Diluted Share (non-GAAP)A/C$13.31 $12.96 $12.45 $12.20 $11.91 



CAPITAL CITY BANK GROUP, INC.      
EARNINGS HIGHLIGHTS      
Unaudited      
       
  Three Months Ended
(Dollars in thousands, except per share data) Mar 31, 2019 Dec 31, 2018 Mar 31, 2018
EARNINGS      
Net Income$6,436 $8,458 $5,773 
Diluted Net Income Per Share$0.38 $0.50 $0.34 
PERFORMANCE      
Return on Average Assets 0.87% 1.18% 0.81%
Return on Average Equity 8.49% 11.10% 8.14%
Net Interest Margin 3.75% 3.81% 3.43%
Noninterest Income as % of Operating Revenue 33.51% 35.22% 36.44%
Efficiency Ratio 75.01% 70.21% 81.07%
CAPITAL ADEQUACY      
Tier 1 Capital 16.34% 16.36% 16.31%
Total Capital 17.09% 17.13% 17.05%
Tangible Common Equity (1) 7.56% 7.58% 7.17%
Leverage 10.53% 10.89% 10.36%
Common Equity Tier 1 13.62% 13.58% 13.44%
Equity to Assets 10.12% 10.23% 9.86%
ASSET QUALITY      
Allowance as % of Non-Performing Loans 279.77% 206.79% 181.26%
Allowance as a % of Loans 0.78% 0.80% 0.80%
Net Charge-Offs as % of Average Loans 0.20% 0.10% 0.20%
Nonperforming Assets as % of Loans and OREO 0.39% 0.51% 0.64%
Nonperforming Assets as % of Total Assets 0.23% 0.31% 0.36%
STOCK PERFORMANCE      
High$25.87 $26.95 $26.50 
Low 21.04  19.92  22.80 
Close$21.78 $23.21 $24.75 
Average Daily Trading Volume 18,407  21,455  21,061 
       
(1)  Tangible common equity ratio is a non-GAAP financial measure.  For additional information, including a reconciliation to GAAP, refer to page 3.



CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION      
Unaudited          
           
 2019 2018 
(Dollars in thousands) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
ASSETS          
Cash and Due From Banks$49,501 $62,032 $48,423 $56,573 $47,804 
Funds Sold and Interest Bearing Deposits 304,213  213,968  26,839  107,066  250,821 
Total Cash and Cash Equivalents 353,714  276,000  75,262  163,639  298,625 
           
Investment Securities Available for Sale 429,016  446,157  484,243  493,662  471,836 
Investment Securities Held to Maturity 226,179  217,320  227,923  236,764  225,552 
  Total Investment Securities 655,195  663,477  712,166  730,426  697,388 
           
Loans Held for Sale 4,557  6,869  8,297  8,246  4,845 
           
Loans, Net of Unearned Interest          
Commercial, Financial, & Agricultural 238,942  233,689  239,044  222,406  198,775 
Real Estate - Construction 87,123  89,527  87,672  88,169  80,236 
Real Estate - Commercial 615,129  602,061  596,391  575,993  551,309 
Real Estate - Residential 338,574  334,197  333,896  320,296  307,050 
Real Estate - Home Equity 209,194  210,111  212,942  218,851  223,994 
Consumer 296,351  295,040  294,040  285,599  284,356 
Other Loans 10,430  8,018  8,167  11,648  14,988 
Overdrafts 1,362  1,582  1,602  1,513  1,187 
Total Loans, Net of Unearned Interest 1,797,105  1,774,225  1,773,754  1,724,475  1,661,895 
Allowance for Loan Losses (14,120) (14,210) (14,219) (13,563) (13,258)
Loans, Net 1,782,985  1,760,015  1,759,535  1,710,912  1,648,637 
           
Premises and Equipment, Net 86,846  87,190  89,567  90,000  90,939 
Goodwill 84,811  84,811  84,811  84,811  84,811 
Other Real Estate Owned 1,902  2,229  2,720  3,373  3,330 
Other Assets 82,041  78,592  86,832  88,871  96,257 
Total Other Assets 255,600  252,822  263,930  267,055  275,337 
           
Total Assets$3,052,051 $2,959,183 $2,819,190 $2,880,278 $2,924,832 
           
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits$995,853 $947,858 $934,146 $937,241 $890,482 
NOW Accounts 887,453  867,209  713,967  778,131  859,704 
Money Market Accounts 244,628  237,739  254,099  257,965  257,422 
Regular Savings Accounts 372,414  358,306  352,508  354,156  353,996 
Certificates of Deposit 116,946  120,744  126,496  131,697  137,280 
Total Deposits 2,617,294  2,531,856  2,381,216  2,459,190  2,498,884 
           
Short-Term Borrowings 8,983  13,541  16,644  7,021  4,893 
Subordinated Notes Payable 52,887  52,887  52,887  52,887  52,887 
Other Long-Term Borrowings 7,661  8,568  12,456  12,897  13,333 
Other Liabilities 56,240  49,744  57,971  54,712  66,475 
           
Total Liabilities 2,743,065  2,656,596  2,521,174  2,586,707  2,636,472 
           
SHAREOWNERS' EQUITY          
Common Stock 168  167  171  171  171 
Additional Paid-In Capital 31,929  31,058  38,325  37,932  37,343 
Retained Earnings 304,763  300,177  293,254  288,800  283,990 
Accumulated Other Comprehensive Loss, Net of Tax (27,874) (28,815) (33,734) (33,332) (33,144)
           
Total Shareowners' Equity 308,986  302,587  298,016  293,571  288,360 
           
Total Liabilities and Shareowners' Equity$3,052,051 $2,959,183 $2,819,190 $2,880,278 $2,924,832 
           
OTHER BALANCE SHEET DATA          
Earning Assets$2,761,070 $2,658,539 $2,521,056 $2,570,213 $2,614,949 
Interest Bearing Liabilities 1,690,972  1,658,994  1,529,057  1,594,754  1,679,515 
           
Book Value Per Diluted Share$18.35 $18.00 $17.40 $17.15 $16.87 
Tangible Book Value Per Diluted Share(1) 13.31  12.96  12.45  12.20  11.91 
           
Actual Basic Shares Outstanding 16,812  16,748  17,059  17,056  17,044 
Actual Diluted Shares Outstanding 16,840  16,809  17,128  17,114  17,088 
           
(1)  Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to page 3.



CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF OPERATIONS       
Unaudited          
           
  2019 2018
(Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
           
INTEREST INCOME          
Interest and Fees on Loans$22,616$22,431 $21,618$20,533$19,535 
Investment Securities 3,513 3,478  3,472 3,156 2,762 
Funds Sold 1,593 461  302 730 917 
Total Interest Income 27,722 26,370  25,392 24,419 23,214 
           
INTEREST EXPENSE          
Deposits 2,099 1,312  1,068 995 868 
Short-Term Borrowings 35 53  41 8 8 
Subordinated Notes Payable 608 572  568 552 475 
Other Long-Term Borrowings 72 85  92 94 100 
Total Interest Expense 2,814 2,022  1,769 1,649 1,451 
Net Interest Income 24,908 24,348  23,623 22,770 21,763 
Provision for Loan Losses 767 457  904 815 745 
Net Interest Income after Provision for Loan Losses 24,141 23,891  22,719 21,955 21,018 
           
NONINTEREST INCOME          
Deposit Fees 4,775 5,172  5,207 4,842 4,872 
Bank Card Fees 2,855 2,830  2,828 2,909 2,811 
Wealth Management Fees 2,323 2,320  2,181 2,037 2,173 
Mortgage Banking Fees 993 1,129  1,343 1,206 1,057 
Other 1,606 1,787  1,749 1,548 1,564 
Total Noninterest Income 12,552 13,238  13,308 12,542 12,477 
           
NONINTEREST EXPENSE          
Compensation 16,349 16,322  15,891 15,797 15,911 
Occupancy, Net 4,509 4,804  4,645 4,503 4,551 
Other Real Estate, Net 363 (1,663) 347 248 626 
Other 6,977 7,042  7,816 7,845 6,818 
Total Noninterest Expense 28,198 26,505  28,699 28,393 27,906 
           
OPERATING PROFIT 8,495 10,624  7,328 6,104 5,589 
Income Tax (Benefit) Expense 2,059 2,166  1,338 101 (184)
NET INCOME$6,436$8,458 $5,990$6,003$5,773 
           
PER SHARE DATA          
Basic Net Income$0.38$0.50 $0.35$0.35$0.34 
Diluted Net Income 0.38 0.50  0.35 0.35 0.34 
Cash Dividend$0.11$0.09 $0.09$0.07$0.07 
AVERAGE SHARES          
Basic  16,791 16,989  17,056 17,045 17,028 
Diluted  16,819 17,050  17,125 17,104 17,073 



CAPITAL CITY BANK GROUP, INC.          
ALLOWANCE FOR LOAN LOSSES           
AND RISK ELEMENT ASSETS          
Unaudited          
           
  2019 2018
(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$14,210 $14,219 $13,563 $13,258 $13,307 
Provision for Loan Losses 767  457  904  815  745 
Net Charge-Offs 857  466  248  510  794 
Balance at End of Period$14,120 $14,210 $14,219 $13,563 $13,258 
As a % of Loans 0.78% 0.80% 0.80% 0.78% 0.80%
As a % of Nonperforming Loans 279.77% 206.79% 207.06% 236.25% 181.26%
           
CHARGE-OFFS          
Commercial, Financial and Agricultural$95 $53 $268 $141 $182 
Real Estate - Construction -  -  -  -  7 
Real Estate - Commercial 155  -  25  -  290 
Real Estate - Residential 264  111  106  456  107 
Real Estate - Home Equity 52  106  112  157.00  158 
Consumer 795  728  463  509  695 
Total Charge-Offs$1,361 $998 $974 $1,263 $1,439 
           
RECOVERIES          
Commercial, Financial and Agricultural$74 $128 $78 $87 $166 
Real Estate - Construction -  25  -  -  1.00 
Real Estate - Commercial 70  13  222  15  123 
Real Estate - Residential 44  106  107  346  84 
Real Estate - Home Equity 32  61  47  22  61 
Consumer 284  199  272  283  210 
Total Recoveries$504 $532 $726 $753 $645 
           
NET CHARGE-OFFS$857 $466 $248 $510 $794 
           
Net Charge-Offs as a % of Average Loans (1) 0.20% 0.10% 0.06% 0.12% 0.20%
           
RISK ELEMENT ASSETS          
Nonaccruing Loans$5,047 $6,872 $6,867 $5,741 $7,314 
Other Real Estate Owned 1,902  2,229  2,720  3,373  3,330 
Total Nonperforming Assets$6,949 $9,101 $9,587 $9,114 $10,644 
           
Past Due Loans 30-89 Days$4,682 $4,757 $3,684 $3,472 $4,268 
Past Due Loans 90 Days or More -  -  126  -  - 
Classified Loans 22,219  22,888  27,039  29,583  31,709 
Performing Troubled Debt Restructuring's$20,791 $22,084 $28,661 $29,981 $31,472 
           
Nonperforming Loans as a % of Loans 0.28% 0.39% 0.39% 0.33% 0.44%
Nonperforming Assets as a % of Loans and Other Real Estate 0.39% 0.51% 0.54% 0.52% 0.64%
Nonperforming Assets as a % of Total Assets 0.23% 0.31% 0.34% 0.32% 0.36%
           
(1) Annualized          



CAPITAL CITY BANK GROUP, INC. 
AVERAGE BALANCE AND INTEREST RATES(1)       
Unaudited                                   
                                    
  First Quarter 2019  Fourth Quarter 2018  Third Quarter 2018  Second Quarter 2018  First Quarter 2018 
(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$1,780,406 $22,718 5.18%$1,785,570 $22,556 5.01%$1,747,093 $21,733 4.94%$1,691,287  20,625 4.89%$1,647,612 $19,636 4.83%
                                    
Investment Securities                                   
Taxable Investment Securities 618,127  3,387 2.20  637,735  3,325 2.08  663,639  3,290 1.98  643,516  2,945 1.83  619,137  2,523 1.64 
Tax-Exempt Investment Securities 40,575  158 1.56  50,362  193 1.54  60,952  229 1.50  72,478  266 1.47  84,800  318 1.50 
                                    
Total Investment Securities 658,702  3,545 2.16  688,097  3,518 2.04  724,591  3,519 1.94  715,994  3,211 1.79  703,937  2,841 1.62 
                                    
Funds Sold 265,694  1,593 2.43  80,815  461 2.26  63,608  302 1.88  158,725  730 1.84  240,916  917 1.54 
                                    
Total Earning Assets 2,704,802 $27,856 4.17% 2,554,482 $26,535 4.12% 2,535,292 $25,554 4.00% 2,566,006 $24,566 3.84% 2,592,465 $23,394 3.66%
                                    
Cash and Due From Banks 53,848       52,344       49,493       50,364       52,711      
Allowance for Loan Losses (14,347)      (14,642)      (14,146)      (13,521)      (13,651)     
Other Assets 252,208       257,061       256,285       258,255       260,595      
                                    
Total Assets$2,996,511      $2,849,245      $2,826,924      $2,861,104      $2,892,120      
                                    
LIABILITIES:                                   
Interest Bearing Deposits                                   
NOW Accounts$884,277 $1,755 0.80%$739,225 $995 0.53%$733,255 $773 0.42%$790,335 $725 0.37%$863,175 $659 0.31%
Money Market Accounts 239,516  247 0.42  248,486  216 0.34  254,440  190 0.30  255,143  166 0.26  246,576  103 0.17 
Savings Accounts 364,783  44 0.05  356,723  44 0.05  352,833  43 0.05  351,664  43 0.05  343,987  42 0.05 
Time Deposits 118,839  53 0.18  123,193  57 0.18  129,927  62 0.19  134,171  61 0.18  140,359  64 0.18 
Total Interest Bearing Deposits 1,607,415  2,099 0.53% 1,467,627  1,312 0.37% 1,470,455  1,068 0.30% 1,531,313  995 0.27% 1,594,097  868 0.23%
                                    
Short-Term Borrowings 11,378  35 1.26% 15,424  53 1.36% 12,949  41 1.24% 6,633  8 0.49% 8,869  8 0.37%
Subordinated Notes Payable 52,887  608 4.60  52,887  572 4.23  52,887  568 4.20  52,887  552 4.13  52,887  475 3.60 
Other Long-Term Borrowings 8,199  72 3.55  9,918  85 3.40  12,729  92 2.87  13,151  94 2.88  13,787  100 2.93 
                                    
Total Interest Bearing Liabilities 1,679,879 $2,814 0.68% 1,545,856 $2,022 0.54% 1,549,020 $1,769 0.47% 1,603,984 $1,649 0.43% 1,669,640 $1,451 0.37%
                                    
Noninterest Bearing Deposits 957,300       944,748       921,817       900,643       862,009      
Other Liabilities 52,070       56,445       58,330       64,671       72,969      
                                    
Total Liabilities 2,689,249       2,547,049       2,529,167       2,569,298       2,604,618      
                                    
SHAREOWNERS' EQUITY: 307,262       302,196       297,757       291,806       287,502      
                                    
Total Liabilities and Shareowners' Equity$2,996,511      $2,849,245      $2,826,924      $2,861,104      $2,892,120      
                                    
Interest Rate Spread  $25,042 3.49%  $24,513 3.58%  $23,785 3.53%  $22,917 3.41%  $21,943 3.29%
                                    
Interest Income and Rate Earned(1)   27,856 4.17    26,535 4.12    25,554 4.00    24,566 3.84    23,394 3.66 
Interest Expense and Rate Paid(2)   2,814 0.42    2,022 0.31    1,769 0.28    1,649 0.26    1,451 0.23 
                                    
Net Interest Margin  $25,042 3.75%  $24,513 3.81%  $23,785 3.72%  $22,917 3.58%  $21,943 3.43%
                                    
(1)  Interest and average rates are calculated on a tax-equivalent basis using a 25% Federal tax rate.
(2)  Rate calculated based on average earning assets. 


For Information Contact:
J. Kimbrough Davis
Executive Vice President and Chief Financial Officer
850.402.7820

Capital City Bank Group, Inc..jpg

Source: Capital City Bank Group
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