Contact: J. Kimbrough Davis 850-671-0300
Executive Vice President and Chief Financial Officer
[CCBG LOGO]
Website: www.ccbg.com
For Immediate Release
Date: July 24, 2003
CAPITAL CITY BANK GROUP, INC. REPORTS
SECOND QUARTER EARNINGS OF
$0.49 PER DILUTED SHARE, UP 19.5%
- -------------------------------------------------------------------------
2nd QUARTER 2003 HIGHLIGHTS
* Quarterly earnings of $6.4 million, or $0.49 per share, an increase of
18.2% and 19.5%, respectively, from the second quarter of 2002.
* 5-for-4 stock split and 25% dividend increase.
* Efficiency ratio of 62.50%, a 270 basis point improvement from the second
quarter of 2002.
* Noninterest income up 26.1%, attributable to deposit fees and mortgage
banking revenues.
* Strong credit quality as indicated by a nonperforming assets ratio of .38%
and a net charge-off ratio of .27%.
* Well capitalized with a Tier 1 capital ratio of 12.58%.
EARNINGS HIGHLIGHTS
Three Months Ended Six Months Ended
-------------------------------- --------------------
June 30, March 31, June 30, June 30, June 30,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------------
EARNINGS
Net Income $ 6,440 6,361 5,448 12,801 10,559
Diluted Earnings Per Common Share $ 0.49 0.48 0.41 0.97 0.79
- ----------------------------------------------------------------------------------------------------------
PERFORMANCE
Return on Average Equity 13.26% 13.55 12.37 13.40 12.09
Return on Average Assets 1.45 1.44 1.27 1.44 1.23
Net Interest Margin 5.40 5.42 5.52 5.41 5.38
Noninterest Income as % of Operating Revenue 33.56 32.40 29.03 32.99 29.25
Efficiency Ratio 62.50 62.48 65.20 62.49 65.04
- ----------------------------------------------------------------------------------------------------------
CAPITAL ADEQUACY
Tier 1 Capital Ratio 12.58% 12.47 11.95 12.58 11.95
Total Capital Ratio 13.52 13.44 12.97 13.52 12.97
Leverage Ratio 8.85 8.59 8.39 8.85 8.39
Equity to Assets 10.45 10.24 10.36 10.45 10.36
Three Months Ended Six Months Ended
-------------------------------- --------------------
June 30, March 31, June 30, June 30, June 30,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------------
ASSET QUALITY
Allowance as % of Non-Performing Loans 331.15% 485.06 430.98 331.15 430.98
Allowance as a % of Loans 0.93 0.95 0.97 0.93 0.97
Net Charge-Offs as % of Average Loans 0.27 0.26 0.17 0.27 0.21
Nonperforming Assets as % of Loans and ORE 0.38 0.29 0.28 0.38 0.28
- ----------------------------------------------------------------------------------------------------------STOCK PERFORMANCE
High $ 36.43 32.32 27.84 36.43 27.84
Low 29.74 26.81 20.60 26.81 18.12
Close $ 36.08 31.29 27.62 36.08 27.62
Average Daily Trading Volume 13,251 11,037 18,368 12,170 15,858
- ----------------------------------------------------------------------------------------------------------
All share and per share data have been restated to reflect the 5-for-4 stock split effective
June 13, 2003.
Capital City Bank Group, Inc. (NASDAQ: CCBG) reported earnings for the second
quarter totaling $6.4 million, or $0.49 per diluted share. This compares to
$5.5 million, or $0.41 per diluted share, in the second quarter of 2002,
increases of 18.2% and 19.5%, respectively. For the first six months ended
June 30, 2003, the Company reported net income of $12.8 million, or $0.97 per
diluted share. This represents increases from the comparable period in 2002
of 21.2% and 21.3%, respectively. The Return on Average Assets was 1.44% and
the Return on Average Equity was 13.40% for the first half of 2003 compared
to 1.23% and 12.09% for the comparable period in 2002.
The increase in both second quarter and year-to-date earnings was
attributable to growth in operating revenues of 9.0% and 10.3%, respectively.
This was a result of higher net interest income of 2.1% and 4.5%,
respectively, and noninterest income of 26.1% and 24.4%, respectively. The
net interest margin remained strong in the second quarter at 5.40%,
attributable to a 62 basis points reduction in the Company's cost of funds.
Growth in noninterest income resulted from increased service charge revenues,
reflecting a higher level of NSF/overdraft fees and mortgage banking
revenues, which continue to reflect increased production and the higher
volume of fixed-rate residential mortgages sold to the secondary market.
William G. Smith, Jr., President and CEO, stated, "Capital City enjoyed
another strong quarter with solid loan growth of 6.6%, a 5.40% margin and
noninterest revenues up 21.6%. The Company is well positioned to capitalize
in the second half on growth in the economy."
Net interest income was higher in the second quarter of 2003 by $434,000, and
for the first six months of 2003 by $1.8 million, reflecting a continued
decline in the cost of funds and a favorable shift in mix of earning assets.
The favorable impact of lower funding costs and a shift in the earning asset
mix was partially offset by lower asset yields. The Company's net interest
margin for the three months ended June 30, 2003 was 5.40%, a decline of 12
basis points from the comparable period in 2002 and down slightly from the
first quarter of 2003. The margin percentage may continue to decline
slightly over the next quarter as historically low interest rates continue to
prevail and the recent interest rate cuts by the Federal Reserve drive
earning asset yields lower.
Provision for loan losses of $886,000 in the second quarter was higher than
the comparable quarter in 2002 due to an increased level of net charge-offs.
Net charge-offs for the second quarter totaled $889,000, or .27% of average
loans compared to $526,000, or .17% of average loans in the second quarter of
2002. The year-to-date 2003 provision for loan losses of $1.7 million
compared to a $1.4 million provision for the first half of 2002, reflecting
the higher level of net charge-offs.
Noninterest income improved $2.2 million and $4.1 million, respectively, for
the three and six months periods in 2003, resulting from higher deposit fees
and strong mortgage banking revenues. The higher deposit fees are primarily
attributable to increased revenue generated from growth in NSF/overdraft
fees. Mortgage banking revenues grew 72.4% in the second quarter of 2003
compared to second quarter of 2002 due to the continued strong production of
fixed rate mortgages. Noninterest income represented 2.35% of average assets
for the first six months of 2003. This is an increase of 39 basis points
from the 1.96% level reported in the comparable period in 2002. Noninterest
revenues generated in the second quarter were 5.9% higher than the prior
quarter and are expected to remain strong during the second half of the year.
Noninterest expense grew by $774,000 in the second quarter of 2003 and $2.0
million for the first half of 2003. The increase in both periods reflects
higher pension costs, medical insurance premiums, salaries and performance
base compensation. Compensation costs are anticipated to be higher in the
third quarter versus the second quarter level, primarily reflecting higher
medical costs. The efficiency ratio (defined as noninterest expense less
intangible amortization divided by tax equivalent net interest income plus
noninterest income) for the quarter declined 270 basis points to 62.50%
compared to the second quarter of 2002, reflecting the 9.0% growth in
operating revenues.
Average earning assets increased by $64.5 million, or 4.2%, in the second
quarter of 2003 over the comparable period in 2002. The increase in earning
assets reflects growth in average loans of $81.9 million, or 6.6%. The
Company continues to experience a favorable shift in earning asset mix as
average loans represented 81.6% of earning assets in the second quarter,
compared to 79.8% in the second quarter of 2002. Loan demand remains
moderate to strong in most markets.
Nonperforming assets of $5.1 million increased from the second quarter of
2002 by $1.6 million, primarily in nonaccruing commercial loans and
represented .38% of total loans and other real estate. This compares to .28%
and .30%, respectively, for the second and fourth quarters of 2002. The
increase in non-performing assets experienced in the second quarter of 2003
was primarily due to three loans totaling $1.5 million being moved to non-
accrual status. These loans are agricultural in nature, and $1.1 million is
supported with 90% government guaranties of both principal and interest.
Average total deposits declined $24.8 million, or 1.7%, from the second
quarter in 2002. Higher cost certificates of deposit declined $67.0 million,
or 13.4%, primarily as a result of the lower interest rate environment. This
decline was partially offset by growth in nonmaturity deposits, which created
a favorable shift in deposit mix and a positive impact on the Company's cost
of funds.
The Company ended the second quarter with approximately $114.4 million in
average net overnight funds. This represents an increase from the second
quarter of 2002 level of $93.2 million. The increase reflects borrowings
from the Federal Home Loan Bank. Liquidity decreased slightly from the
previous quarter and is anticipated to decline during the third quarter as
the Company continues to experience loan growth and considers purchases of
investment securities.
Capital City Bank Group, Inc., is a $1.9 billion financial services company
headquartered in Tallahassee, Florida, providing traditional deposit and
credit services, asset management, trust, mortgage banking, credit cards,
data processing, and securities brokerage services. Founded in 1895, the
Company has 53 banking offices, 70 ATMs and 10 Bank 'N Shop locations in 22
counties in Florida, Georgia, and Alabama. The Company also has four
mortgage lending offices located in four additional Florida counties.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The matters discussed in this press release, that are not historical
facts, contain forward-looking information with respect to strategic
initiatives. Such forward-looking statements are based on current plans and
expectations, which are subject to a number of uncertainties and risks that
have been described in Capital City Bank Group's annual report on Form 10-K
for the fiscal year ended December 31, 2002, and the Company's other filings
with the Securities and Exchange Commission. These uncertainties and risks
could cause future results to differ materially from those anticipated by
such statements.
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
Unaudited
- ----------------------------------------------------------------------------------------------------------------------------
2003 2002 Six Months Ended
------------------ ---------------------------- June 30,
Second First Fourth Third Second ----------------
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter 2003 2002
- ----------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME
Interest and Fees on Loans $ 23,363 23,174 23,628 23,897 23,570 $ 46,537 47,397
Interest on Investment Securities 1,539 1,811 2,033 2,324 2,637 3,349 5,336
Interest on Funds Sold 332 352 391 182 392 685 907
- ----------------------------------------------------------------------------------------------------------------------------
Total Interest Income 25,234 25,337 26,052 26,403 26,599 50,571 53,640
- ----------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE
Interest on Deposits 3,053 3,226 3,894 4,496 5,314 6,280 12,161
Interest on Short-term Borrowings 340 329 236 194 177 669 337
Interest on Long-term Debt 501 545 537 256 202 1,045 392
- ----------------------------------------------------------------------------------------------------------------------------
Total Interest Expense 3,894 4,100 4,667 4,946 5,693 7,994 12,890
- ----------------------------------------------------------------------------------------------------------------------------
Net Interest Income 21,340 21,237 21,385 21,457 20,906 42,577 40,750
Provision for Loan Losses 886 779 863 991 641 1,665 1,443
- ----------------------------------------------------------------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 20,454 20,458 20,522 20,466 20,265 40,912 39,307
============================================================================================================================
NONINTEREST INCOME
Service Charge Revenue 4,074 3,967 4,033 2,979 3,028 8,041 5,737
Data Processing Revenue 611 558 512 485 508 1,169 1,009
Asset Management Fees 650 605 631 585 675 1,255 1,305
Mortgage Banking Revenue 1,893 1,576 2,618 1,612 1,098 3,469 2,345
Other Fees 3,553 3,471 3,449 3,426 3,243 7,024 6,450
- ----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Income 10,781 10,177 11,243 9,087 8,552 20,958 16,846
============================================================================================================================
NONINTEREST EXPENSE
Compensation 11,356 11,370 11,267 10,888 10,516 22,726 21,059
Premises 1,510 1,369 1,477 1,363 1,485 2,879 2,879
FF&E 1,874 1,795 2,021 1,819 1,941 3,669 3,837
Intangible Amortization 810 811 811 810 810 1,621 1,621
Other Expense 5,556 5,325 5,799 5,646 5,580 10,881 10,401
- ----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Expense 21,106 20,670 21,375 20,526 20,332 41,776 39,797
============================================================================================================================
OPERATING PROFIT 10,129 9,965 10,390 9,027 8,485 20,094 6,356
Provision for Income Taxes 3,689 3,604 3,668 3,226 3,037 7,293 5,797
- ----------------------------------------------------------------------------------------------------------------------------
NET INCOME $ 6,440 6,361 6,722 5,801 5,448 $12,801 10,559
============================================================================================================================
PER SHARE DATA
Basic Earnings $ 0.49 0.48 0.51 0.44 0.41 $ 0.97 0.80
Diluted Earnings 0.49 0.48 0.51 0.44 0.41 0.97 0.79
Cash Dividends $ 0.170 0.136 0.136 0.122 0.122 $ 0.306 0.244
AVERAGE SHARES
Basic 13,209 13,207 13,189 13,189 13,219 13,209 13,262
Diluted 13,255 13,253 13,238 13,238 13,257 13,255 13,300
============================================================================================================================
All share and per share data have been restated to reflect the 5-for-4 stock split effective June 13, 2003.
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
- -----------------------------------------------------------------------------------------------------------------
2003 2002
---------------------- ---------------------------------
Second First Fourth Third Second
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ASSETS
Cash and Due From Banks $ 98,388 85,976 89,823 87,613 83,008
Funds Sold 168,773 176,428 170,936 79,034 51,037
Total Cash and Cash Equivalents 267,161 262,404 260,759 166,647 134,045
- -----------------------------------------------------------------------------------------------------------------
Investment Securities, Available-for-Sale 170,745 190,119 180,315 194,035 213,940
Loans, Net of Unearned 1,332,387 1,311,556 1,285,221 1,286,909 1,262,629
Allowance for Loan Losses (12,434) (12,437) (12,495) (12,462) (12,227)
- -----------------------------------------------------------------------------------------------------------------
Loans, Net 1,319,953 1,299,119 1,272,726 1,274,447 1,250,402
Premises and Equipment 53,132 51,484 48,897 47,633 47,734
Intangible Assets 27,413 28,223 29,034 29,844 30,655
Other Assets 32,186 33,168 33,040 31,323 32,893
- -----------------------------------------------------------------------------------------------------------------
Total Other Assets 112,731 112,875 110,971 108,800 111,282
- -----------------------------------------------------------------------------------------------------------------
Total Assets $1,870,590 1,864,517 1,824,771 1,743,929 1,709,669
=================================================================================================================
LIABILITIES
Deposits:
Noninterest Bearing Deposits $ 456,050 426,269 406,081 396,946 388,348
Interest Bearing Deposits 1,042,527 1,032,801 1,028,119 1,006,837 1,049,339
- -----------------------------------------------------------------------------------------------------------------
Total Deposits 1,498,577 1,459,070 1,434,200 1,403,783 1,437,687
Short-Term Borrowings 101,629 140,138 113,675 70,346 64,505
Long-Term Debt 57,664 53,651 71,745 66,987 13,063
Other Liabilities 17,251 20,644 18,620 20,838 17,324
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities 1,675,121 1,673,503 1,638,240 1,561,954 1,532,579
- -----------------------------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY
Common Stock 132 106 106 106 106
Additional Paid-in-Capital 15,447 15,120 14,717 14,539 14,526
Retained Earnings 177,346 173,152 168,587 163,659 159,467
Accumulated Other Comprehensive Income 2,544 2,636 3,121 3,671 2,991
- -----------------------------------------------------------------------------------------------------------------
Total Shareowners' Equity 195,469 191,014 186,531 181,975 177,090
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities and Owners' Equity $1,870,590 1,864,517 1,824,771 1,743,929 1,709,669
=================================================================================================================
OTHER BALANCE SHEET DATA
Earning Assets $1,671,905 1,678,103 1,636,472 1,559,978 1,527,606
Intangible Assets
Goodwill 6,680 6,680 6,680 6,680 6,680
Deposit Base 20,733 21,543 22,354 23,164 23,975
Interest Bearing Liabilities 1,201,820 1,226,590 1,213,539 1,144,170 1,126,907
- -----------------------------------------------------------------------------------------------------------------
Book Value Per Diluted Share $ 14.73 14.42 14.08 13.75 13.39
Tangible Book Value Per Diluted Share 12.67 12.28 11.89 11.49 11.07
- -----------------------------------------------------------------------------------------------------------------
Actual Basic Shares Outstanding 13,221 13,207 13,196 13,189 13,189
Actual Diluted Shares Outstanding 13,267 13,254 13,245 13,238 13,226
=================================================================================================================
All shares and per share data have been restated to reflect the 5-for-4 stock split effective June 13, 2003.
CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR LOAN LOSSES
AND NONPERFORMING ASSETS
Unaudited
- -----------------------------------------------------------------------------------------------------------------
2003 2002
---------------------- ---------------------------------
Second First Fourth Third Second
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period $12,437 12,495 12,462 12,227 12,113
Acquired Reserves 0 0 0 0 0
Provision for Loan Losses 886 779 863 991 640
Net Charge-Offs 889 837 830 756 526
- -----------------------------------------------------------------------------------------------------------------
Balance at End of Period $12,434 12,437 12,495 12,462 12,227
=================================================================================================================
As a % of Loans 0.93% 0.95 0.97 0.97 0.97
As a % of Nonperforming Loans 331.15 485.06 497.72 504.42 430.98
As a % of Nonperforming Assets 244.73 329.89 325.14 340.50 345.50
=================================================================================================================
CHARGE-OFFS
Commercial, Financial and Agricultural $ 177 142 136 278 220
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 0 0 0 0
Real Estate - Residential 32 19 65 37 9
Consumer 916 887 874 760 753
- -----------------------------------------------------------------------------------------------------------------
Total Charge-Offs $ 1,125 1,048 1,075 1,075 982
=================================================================================================================
RECOVERIES
Commercial, Financial and Agricultural $ 42 14 14 21 56
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 0 20 0 0
Real Estate - Residential 0 0 1 1 35
Consumer 194 197 210 297 365
- -----------------------------------------------------------------------------------------------------------------
Total Recoveries $ 236 211 245 319 456
=================================================================================================================
NET CHARGE-OFFS $ 889 837 830 756 526
=================================================================================================================
Net Charge-Offs as a % of Average Loans 0.27 0.26 0.25 0.24 0.17
=================================================================================================================
RISK ELEMENT ASSETS
Nonaccruing Loans $ 3,755 2,564 2,510 2,471 2,837
Restructured 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Loans 3,755 2,564 2,510 2,471 2,837
Other Real Estate 1,326 1,206 1,333 1,189 702
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Assets $ 5,081 3,770 3,843 3,660 3,539
=================================================================================================================
Past Due Loans 90 Days or More $ 1,976 1,685 2,453 723 681
=================================================================================================================
Nonperforming Loans as a % of Loans 0.28% 0.20 0.20 0.19 0.22
Nonperforming Assets as a % of
Loans and Other Real Estate 0.38 0.29 0.30 0.28 0.28
Nonperforming Assets as a % of Capital 2.44 1.85 1.93 1.88 1.87
=================================================================================================================
Annualized
Capital includes allowance for loan losses.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- -------------------------------------------------------------------------------------------------------------------------------
Second Quarter of 2003 First Quarter 2003 Fourth Quarter 2002
------------------------- ------------------------- ------------------------
Average Average Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- ------------------------- ------------------------
ASSETS:
Loans, Net of Unearned Interest $1,316,705 $23,403 7.13% 1,289,161 23,220 7.30 1,292,892 23,696 7.27
Investment Securities
Taxable Investment Securities 118,494 929 3.13 138,646 1,180 3.41 113,951 1,380 4.82
Tax-Exempt Investment Securities 62,552 923 5.90 64,772 955 5.89 66,610 986 5.92
- --------------------------------------------------------------------------------------------------------------------------------
Total Investment Securities 181,046 1,825 4.09 203,418 2,135 4.21 180,561 2,366 5.23
Funds Sold 114,382 332 1.15 122,708 352 1.15 118,082 392 1.30
- --------------------------------------------------------------------------------------------------------------------------------
Total Earning Assets 1,612,133 $25,587 6.37% 1,615,287 25,707 6.45 1,591,535 26,453 6.60
============== ============ ============
Cash and Due From Banks 74,537 82,453 75,630
Allowance For Loan Losses (12,531) (12,619) (12,634)
Other Assets 112,852 111,536 107,643
- -------------------------------------------------------- --------- ---------
Total Assets $1,786,991 1,796,657 1,762,174
======================================================== ========= =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 256,675 193 0.30% 262,618 203 0.31 255,452 293 0.45
Money Market Accounts 211,314 392 0.74 214,539 420 0.79 219,429 557 1.01
Savings Accounts 109,424 68 0.25 106,241 65 0.25 105,741 98 0.36
Time Deposits 434,515 2,400 2.22 434,825 2,539 2.37 444,798 2,946 2.63
- --------------------------------------------------------------------------------------------------------------------------------
1,011,928 3,053 1.21 1,018,223 3,227 1.29 1,025,420 3,894 1.51
Short-Term Borrowings 102,510 340 1.33 106,798 329 1.25 83,119 235 1.12
Long-Term Debt 54,434 501 3.69 72,372 544 3.05 68,665 538 3.11
- --------------------------------------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,168,872 $ 3,894 1.34% 1,197,393 4,100 1.39 1,177,204 4,667 1.57
============== ============ ============
Noninterest Bearing Deposits 403,870 389,540 379,398
Other Liabilities 19,468 19,308 20,160
- -------------------------------------------------------- --------- ---------
Total Liabilities 1,592,210 1,606,241 1,576,762
SHAREOWNERS' EQUITY: $ 194,781 190,416 185,412
- -------------------------------------------------------- --------- ---------
Total Liabilities and Shareowners' Equity $1,786,991 1,796,657 1,762,174
======================================================== ========= =========
Interest Rate Spread $21,693 5.03% 21,607 5.06 21,786 5.03
======================================================================== ============ ============
Interest Income and Rate Earned $25,587 6.37 25,707 6.45 26,453 6.60
Interest Expense and Rate Paid 3,894 0.97 4,100 1.03 4,667 1.16
- ------------------------------------------------------------------------ ------------ ------------
Net Interest Margin $21,693 5.40% 21,607 5.42 21,786 5.44
======================================================================== ============ ============
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- ----------------------------------------------------------------------------------------------------
Third Quarter of 2002 Second Quarter 2002
------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,266,591 $23,969 7.51% 1,234,787 23,646 7.68
Investment Securities
Taxable Investment Securities 131,939 1,646 4.97 150,188 1,935 5.17
Tax-Exempt Investment Securities 68,692 1,022 5.95 69,472 1,051 6.06
- ----------------------------------------------------------------------------------------------------
Total Investment Securities 200,631 2,668 5.32 219,660 2,986 5.44
Funds Sold 44,263 182 1.61 93,156 392 1.66
- ----------------------------------------------------------------------------------------------------
Total Earning Assets 1,511,485 $26,819 7.04% 1,547,603 27,024 7.00
============== ============
Cash and Due From Banks 69,765 74,178
Allowance For Loan Losses (12,503) (12,265)
Other Assets 109,873 110,579
- -------------------------------------------------------- ---------
Total Assets $1,678,620 1,720,095
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 240,032 324 0.54% 241,059 323 0.54
Money Market Accounts 221,521 731 1.31 234,454 823 1.41
Savings Accounts 106,551 137 0.51 105,396 134 0.51
Time Deposits 492,139 3,304 2.84 501,440 4,034 3.23
- ----------------------------------------------------------------------------------------------------
1,030,243 4,496 1.73 1,082,349 5,314 1.97
Short-Term Borrowings 64,915 194 1.19 70,257 177 1.01
Long-Term Debt 24,763 256 4.09 13,924 202 5.83
- -----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,119,921 $ 4,946 1.75% 1,166,530 5,693 1.96
============== ============
Noninterest Bearing Deposits 358,153 358,266
Other Liabilities 19,636 16,621
- -------------------------------------------------------- ---------
Total Liabilities 1,497,710 1,543,417
SHAREOWNERS' EQUITY: $ 180,910 176,678
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,678,620 1,720,095
======================================================== =========
Interest Rate Spread $21,873 5.29% 21,331 5.04
======================================================================== ============
Interest Income and Rate Earned $26,819 7.04 27,024 7.00
Interest Expense and Rate Paid 4,946 1.30 5,693 1.48
- ------------------------------------------------------------------------ ------------
Net Interest Margin $21,873 5.74% 21,331 5.52
- ------------------------------------------------------------------------ ------------
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- ----------------------------------------------------------------------------------------------------
Six Months Ended Six Months Ended
June 30, 2003 June 30, 2002
------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,303,008 $46,623 7.22% 1,232,081 47,557 7.78
Investment Securities
Taxable Investment Securities 128,514 2,109 3.13 149,000 3,915 5.14
Tax-Exempt Investment Securities 63,656 1,877 5.90 70,199 2,126 6.06
- ----------------------------------------------------------------------------------------------------
Total Investment Securities 192,170 3,986 4.15 219,199 6,041 5.52
Funds Sold 118,523 685 1.15 110,293 907 1.64
- ----------------------------------------------------------------------------------------------------
Total Earning Assets 1,613,701 $51,294 6.41% 1,561,573 54,505 7.04
============== ============
Cash and Due From Banks 78,473 73,228
Allowance For Loan Losses (12,575) (12,248)
Other Assets 112,198 111,522
- -------------------------------------------------------- ---------
Total Assets $1,791,797 1,734,075
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 259,630 396 0.31% 235,906 655 0.56
Money Market Accounts 212,918 812 0.77 228,138 1,616 1.43
Savings Accounts 107,841 133 0.25 103,770 265 0.52
Time Deposits 434,669 4,939 2.29 535,116 9,624 3.63
- ----------------------------------------------------------------------------------------------------
1,015,058 6,280 1.25 1,102,930 12,160 2.22
Short-Term Borrowings 104,642 669 1.29 71,144 337 0.96
Long-Term Debt 63,354 1,045 3.33 13,863 392 5.70
- -----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,183,054 $ 7,994 1.36% 1,187,937 12,889 2.19
============== ============
Noninterest Bearing Deposits 396,744 350,933
Other Liabilities 19,389 19,121
- -------------------------------------------------------- ---------
Total Liabilities 1,599,187 1,557,991
SHAREOWNERS' EQUITY: $ 192,610 176,084
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,791,797 1,734,075
======================================================== =========
Interest Rate Spread $43,300 5.05% 41,616 4.85
======================================================================== ============
Interest Income and Rate Earned $51,294 6.41 54,505 7.04
Interest Expense and Rate Paid 7,994 1.00 12,889 1.66
- ------------------------------------------------------------------------ ------------
Net Interest Margin $43,300 5.41% 41,616 5.38
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Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.