Contact: J. Kimbrough Davis 850-671-0300
Executive Vice President and Chief Financial Officer
[CCBG LOGO]
Website: www.ccbg.com
For Immediate Release
Date: October 23, 2003
CAPITAL CITY BANK GROUP, INC. REPORTS
THIRD QUARTER EARNINGS OF
$0.47 PER DILUTED SHARE, UP 6.8%
- -------------------------------------------------------------------------
3rd QUARTER 2003 HIGHLIGHTS
* Quarterly earnings of $6.3 million, or $0.47 per diluted share, an
increase of 8.5% and 6.8%, respectively, from the third quarter of 2002.
* Noninterest income up 24.6%, attributable to higher deposit fees and
mortgage banking revenues.
* YTD efficiency ratio of 62.96% represents a 161 basis point improvement
over 2002. The QTD efficiency ratio increased 19 basis points, primarily
reflecting an increase in compensation expense.
* Strong credit quality as indicated by a nonperforming asset ratio of .63%
and a net charge-off ratio of .28%.
* Well capitalized with a Tier 1 capital ratio of 12.98%.
EARNINGS HIGHLIGHTS
Three Months Ended Nine Months Ended
--------------------------------- --------------------
Sept. 30, June 30, Sept. 30, Sept. 30 Sept. 30,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------------
EARNINGS
Net Income $ 6,296 6,440 5,801 19,097 16,360
Diluted Earnings Per Common Share $ 0.47 0.49 0.44 1.44 1.23
- ----------------------------------------------------------------------------------------------------------
PERFORMANCE
Return on Average Equity 12.55% 13.26 12.72 13.11 12.31
Return on Average Assets 1.38 1.45 1.37 1.42 1.28
Net Interest Margin 5.26 5.40 5.74 5.36 5.50
Noninterest Income as % of Operating Revenue 34.71 33.56 29.75 33.57 29.42
Efficiency Ratio 63.87 62.50 63.68 62.96 64.57
- ----------------------------------------------------------------------------------------------------------
CAPITAL ADEQUACY
Tier 1 Capital Ratio 12.98% 12.58 12.02 12.98 12.02
Total Risk-Based Capital Ratio 13.92 13.52 13.02 13.92 13.02
Leverage Ratio 9.19 8.85 8.51 9.19 8.51
Equity to Assets 10.73 10.45 10.43 10.73 10.43
Three Months Ended Six Months Ended
--------------------------------- --------------------
Sept. 30, June 30, Sept. 30, Sept. 30 Sept. 30,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------------
ASSET QUALITY
Allowance as % of Non-Performing Loans 183.35% 331.15 504.42 183.35 504.42
Allowance as a % of Loans 0.94 0.93 0.97 0.94 0.97
Net Charge-Offs as % of Average Loans 0.28 0.27 0.24 0.27 0.22
Nonperforming Assets as % of Loans and ORE 0.63 0.38 0.28 0.63 0.28
- ----------------------------------------------------------------------------------------------------------
STOCK PERFORMANCE
High $ 40.93 36.43 29.55 40.93 29.55
Low 35.00 29.74 22.32 26.81 18.12
Close $ 38.16 36.08 26.45 38.16 26.45
Average Daily Trading Volume 9,810 13,251 13,590 11,371 15,090
- ----------------------------------------------------------------------------------------------------------
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 third
quarter totaling $6.3 million, or $0.47 per diluted share. This compares to
$5.8 million, or $0.44 per diluted share, in the third quarter of 2002,
increases of 8.5% and 6.8%, respectively. For the nine months ended September
30, 2003, the Company reported net income of $19.1 million, or $1.44 per
diluted share. This represents increases from the comparable period in 2002
of 16.7% and 17.0%, respectively. The Return on Average Assets was 1.42% and
the Return on Average Equity was 13.11% for the nine month period, compared to
1.28% and 12.31%, respectively, for the comparable period in 2002.
The increase in both the third quarter and year-to-date earnings was
attributable to growth in operating revenues (defined as the total of net
interest income and noninterest income) of 6.8% and 9.1%, respectively. This
was primarily due to higher noninterest income, which increased 24.6% and
24.5%, respectively. Growth in noninterest income resulted from increased
service charge revenues, reflecting a higher level of NSF/overdraft fees, and
increased mortgage banking revenues, which continue to reflect the higher
volume of fixed-rate residential mortgages sold to the secondary market.
William G. Smith, Jr., President and CEO, stated, "Capital City turned in a
very solid performance during the third quarter and we are pleased to be ahead
of projections through the first nine months. Strong margins, sound credit
quality and growing noninterest income contributed significantly to our
performance. Two new Florida offices were opened during the third quarter,
one each in Leon County and Hernando County, enabling us to capitalize on
growth in these respective markets. An additional office will open in Leon
County in the fourth quarter. As we enter the home stretch of 2003, our focus
turns to executing initiatives for 2004 and beyond. While taking advantage of
expansion opportunities, Capital City will continue to commit additional
resources to growing its existing markets."
Compared to third quarter 2002, net interest income declined in the third
quarter of 2003 by $161,000, but reflects a year-to-date increase of $1.7
million. Lower asset yields were partially offset by lower funding costs.
The Company's net interest margin for the three months ended September 30,
2003 was 5.26%, a decline of 48 basis points from the comparable period in
2002 and 14 basis points from second quarter 2003. The margin, in terms of
both amount and percent, may continue to decline slightly over the next
quarter as historically low interest rates continue to prevail and drive
earning asset yields lower.
Provision for loan losses of $921,000 in the third quarter was slightly lower
than the comparable quarter in 2002. Net charge-offs for the third quarter
totaled $931,000, or .28% of average loans compared to $756,000, or .24% of
average loans in the third quarter of 2002. The year-to-date 2003 provision
of $2.6 million compared to a $2.4 million provision for the first nine months
of 2002, reflects an increase in net charge-offs.
Noninterest income improved $2.2 million and $6.3 million, respectively, for
the three and nine month periods in 2003, resulting from higher deposit fees
and continued strong mortgage banking revenues. The higher deposit fees are
primarily attributable to growth in NSF/overdraft fees. Mortgage banking
revenues grew 51.0% and 49.2%, respectively, for the three and nine month
periods due to the continued strong production and sale of fixed rate
mortgages. Noninterest income was 2.47% and 2.40% of average assets for the
three and nine month periods, respectively. This represents an increase of 32
and 38 basis points, respectively, over the comparable periods in 2002.
Noninterest revenues generated in the third quarter were 5.0% higher than the
previous quarter. The level of interest rates, origination volume and percent
of fixed rate production is expected to impact the Company's ability to
maintain the current level of mortgage banking revenues during the fourth
quarter of 2003.
Noninterest expense grew by $1.3 million in the third quarter of 2003 and $3.3
million for the nine month period. The increase in both periods is primarily
attributable to higher pension costs, medical insurance premiums, and salaries
(including commissions/incentives). Stock-based compensation tied to Company
strategic initiatives also increased during both periods, with a majority of
this increase being realized during the third quarter. Higher occupancy
expense (due to office expansion) and maintenance/repair expense also
contributed to the increase for both reporting periods. The year-to-date
efficiency ratio (defined as noninterest expense less intangible amortization
divided by tax equivalent net interest income plus noninterest income)
improved 161 basis points to 62.96%, driven by 9.1% growth in operating
revenues.
Average earning assets increased by $123.2 million, or 8.2%, in the third
quarter of 2003 over the comparable period in 2002. The increase in earning
assets reflects growth in average loans of $69.5 million, or 5.5%, and growth
of $85.7 million in the Company's funds sold position. The Company
experienced a slight shift in earning asset mix as average loans represented
81.7% in the third quarter compared to the prior quarter of 81.6%. Loan
demand, excluding 1-4 family residential, is expected to remain moderate in
most markets. During the latter portion of the third quarter, 1-4 family
residential production declined, primarily as a result of lower refinancing
activity.
Nonperforming assets of $8.4 million increased by $4.7 million over 2002, and
represented .63% of total loans and other real estate. This compares to .28%
and .30%, respectively for the third and fourth quarters of 2002. The
increase in nonperforming assets is primarily attributable to one large
commercial loan in the amount of $3.7 million that was placed on nonaccrual
status in the third quarter.
Average total deposits increased $36.1 million, or 2.6%, from the third
quarter in 2002. The increase 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 third quarter with approximately $130.0 million in
average net overnight funds as compared to $44.3 million in the third quarter
of 2002. The increase reflects deposit growth and borrowings from the Federal
Home Loan Bank. Liquidity increased slightly from the previous quarter and is
anticipated to remain near current levels during the fourth quarter of 2003.
Capital City Bank Group, Inc. is a $1.9 billion financial services company
headquarted 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 57 banking offices, 72 ATMs and 11 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 Nine Months Ended
------------------------------ ----------------- Sept. 30,
Third Second First Fourth Third -----------------
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter 2003 2002
- -----------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME
Interest and Fees on Loans $ 23,066 23,363 23,174 23,628 23,897 $ 69,603 71,294
Interest on Investment Securities 1,434 1,539 1,811 2,033 2,324 4,784 7,660
Interest on Funds Sold 303 332 352 391 182 987 1,089
- ----------------------------------------------------------------------------------------------------------------------------
Total Interest Income 24,803 25,234 25,337 26,052 26,403 75,374 80,043
- ----------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE
Interest on Deposits 2,729 3,053 3,226 3,894 4,496 9,008 16,657
Interest on Short-term Borrowings 282 340 329 236 194 951 531
Interest on Long-term Debt 495 501 545 537 256 1,541 648
- ----------------------------------------------------------------------------------------------------------------------------
Total Interest Expense 3,506 3,894 4,100 4,667 4,946 11,500 17,836
- ----------------------------------------------------------------------------------------------------------------------------
Net Interest Income 21,297 21,340 21,237 21,385 21,457 63,874 62,207
Provision for Loan Losses 921 886 779 863 991 2,586 2,434
- ----------------------------------------------------------------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 20,376 20,454 20,458 20,522 20,466 61,288 59,773
============================================================================================================================
NONINTEREST INCOME
Service Charge Revenue 4,123 4,074 3,967 4,033 2,979 12,164 8,716
Data Processing Revenue 578 611 558 512 485 1,747 1,494
Asset Management Fees 660 650 605 631 585 1,915 1,890
Mortgage Banking Revenue 2,434 1,893 1,576 2,618 1,612 5,903 3,957
Other Fees 3,525 3,553 3,471 3,449 3,426 10,549 9,876
- ----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Income 11,320 10,781 10,177 11,243 9,087 32,278 25,933
============================================================================================================================
NONINTEREST EXPENSE
Compensation 12,238 11,356 11,370 11,267 10,888 34,964 31,947
Premises 1,589 1,510 1,369 1,477 1,363 4,468 4,242
FF&E 2,048 1,874 1,795 2,021 1,819 5,717 5,656
Intangible Amortization 810 810 811 811 811 2,431 2,432
Other Expense 5,186 5,556 5,325 5,799 5,645 16,067 16,046
- ----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Expense 21,871 21,106 20,670 21,375 20,526 63,647 60,323
============================================================================================================================
OPERATING PROFIT 9,825 10,129 9,965 10,390 9,027 29,919 25,383
Provision for Income Taxes 3,529 3,689 3,604 3,668 3,226 10,822 9,023
- ----------------------------------------------------------------------------------------------------------------------------
NET INCOME $ 6,296 6,440 6,361 6,722 5,801 $19,097 16,360
============================================================================================================================
PER SHARE DATA
Basic Earnings $ 0.47 0.49 0.48 0.51 0.44 $ 1.44 1.24
Diluted Earnings 0.47 0.49 0.48 0.51 0.44 1.44 1.24
Cash Dividends $ 0.170 0.170 0.136 0.136 0.122 $ 0.476 0.366
AVERAGE SHARES
Basic 13,221 13,209 13,207 13,189 13,189 13,221 13,237
Diluted 13,260 13,255 13,253 13,238 13,238 13,255 13,286
============================================================================================================================
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
--------------------------------- ----------------------
Third Second First Fourth Third
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ASSETS
Cash and Due From Banks $ 105,407 98,388 85,976 89,823 87,613
Funds Sold 161,579 168,773 176,428 170,936 79,034
- -----------------------------------------------------------------------------------------------------------------
Total Cash and Cash Equivalents 266,986 267,161 262,404 260,759 166,647
Investment Securities, Available-for-Sale 162,734 170,745 190,119 180,315 194,035
Loans, Net of Unearned 1,322,888 1,332,387 1,311,556 1,285,221 1,286,909
Allowance for Loan Losses (12,424) (12,434) (12,437) (12,495) (12,462)
- -----------------------------------------------------------------------------------------------------------------
Loans, Net 1,310,464 1,319,953 1,299,119 1,272,726 1,274,447
Premises and Equipment 55,347 53,132 51,484 48,897 47,633
Intangible Assets 26,603 27,413 28,223 29,034 29,844
Other Assets 32,289 32,186 33,168 33,040 31,323
- -----------------------------------------------------------------------------------------------------------------
Total Other Assets 114,239 112,731 112,875 110,971 108,800
- -----------------------------------------------------------------------------------------------------------------
Total Assets $1,854,423 1,870,590 1,864,517 1,824,771 1,743,929
=================================================================================================================
LIABILITIES
Deposits:
Noninterest Bearing Deposits $ 456,302 456,050 462,269 406,081 396,946
Interest Bearing Deposits 1,029,139 1,042,527 1,032,801 1,028,119 1,006,837
- -----------------------------------------------------------------------------------------------------------------
Total Deposits 1,485,441 1,498,577 1,459,070 1,434,200 1,403,783
Short-Term Borrowings 112,255 101,629 140,138 113,675 70,346
Long-Term Debt 38,016 57,664 53,651 71,745 66,987
Other Liabilities 19,820 17,251 20,644 18,620 20,838
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities 1,655,532 1,675,121 1,673,503 1,638,240 1,561,954
- -----------------------------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY
Common Stock 132 132 106 106 106
Additional Paid-in-Capital 15,578 15,447 15,120 14,717 14,539
Retained Earnings 181,395 177,346 173,152 168,587 163,659
Accumulated Other Comprehensive Income 1,786 2,544 2,636 3,121 3,671
- -----------------------------------------------------------------------------------------------------------------
Total Shareowners' Equity 198,891 195,469 191,014 186,531 181,975
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities and Owners' Equity $1,854,423 1,870,590 1,864,517 1,824,771 1,743,929
=================================================================================================================
OTHER BALANCE SHEET DATA
Earning Assets $1,647,201 1,671,905 1,678,103 1,636,472 1,559,978
Intangible Assets
Goodwill 6,680 6,680 6,680 6,680 6,680
Deposit Base 19,923 20,733 21,543 22,354 23,164
Interest Bearing Liabilities 1,179,410 1,201,820 1,226,590 1,213,539 1,144,170
- -----------------------------------------------------------------------------------------------------------------
Book Value Per Diluted Share $ 15.00 14.73 14.42 14.08 13.75
Tangible Book Value Per Diluted Share 13.00 12.67 12.28 11.89 11.49
- -----------------------------------------------------------------------------------------------------------------
Actual Basic Shares Outstanding 13,222 13,221 13,207 13,196 13,189
Actual Diluted Shares Outstanding 13,256 13,267 13,254 13,245 13,238
=================================================================================================================
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
---------------------------------- ----------------------
Third Second First Fourth Third
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period $12,434 12,437 12,495 12,462 12,227
Acquired Reserves 0 0 0 0 0
Provision for Loan Losses 921 886 779 863 991
Net Charge-Offs 931 889 837 830 756
- -----------------------------------------------------------------------------------------------------------------
Balance at End of Period $12,424 12,434 12,437 12,495 12,462
=================================================================================================================
As a % of Loans 0.94% 0.93 0.95 0.97 0.97
As a % of Nonperforming Loans 183.35 331.15 485.06 497.72 504.42
As a % of Nonperforming Assets 148.51 244.73 329.89 325.14 340.50
=================================================================================================================
CHARGE-OFFS
Commercial, Financial and Agricultural $ 61 177 142 136 278
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 91 0 0 0 0
Real Estate - Residential 119 32 19 65 37
Consumer 937 916 887 874 760
- -----------------------------------------------------------------------------------------------------------------
Total Charge-Offs $ 1,208 1,125 1,048 1,075 1,075
=================================================================================================================
RECOVERIES
Commercial, Financial and Agricultural $ 73 42 14 14 21
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 0 0 20 0
Real Estate - Residential 0 0 0 1 1
Consumer 204 194 197 210 297
- -----------------------------------------------------------------------------------------------------------------
Total Recoveries $ 277 236 211 245 319
=================================================================================================================
NET CHARGE-OFFS $ 931 889 837 830 756
=================================================================================================================
Net Charge-Offs as a % of Average Loans 0.28% 0.27 0.26 0.25 0.24
=================================================================================================================
RISK ELEMENT ASSETS
Nonaccruing Loans $ 6,776 3,755 2,564 2,510 2,471
Restructured 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Loans 6,776 3,755 2,564 2,510 2,471
Other Real Estate 1,590 1,326 1,206 1,333 1,189
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Assets $ 8,366 5,081 3,770 3,843 3,660
=================================================================================================================
Past Due Loans 90 Days or More $ 410 1,976 1,685 2,453 723
=================================================================================================================
Nonperforming Loans as a % of Loans 0.51% 0.28 0.20 0.20 0.19
Nonperforming Assets as a % of
Loans and Other Real Estate 0.63 0.38 0.29 0.30 0.28
Nonperforming Assets as a % of Capital 3.96 2.44 1.85 1.93 1.88
=================================================================================================================
Annualized
Capital includes allowance for loan losses.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- -------------------------------------------------------------------------------------------------------------------------------
Third Quarter of 2003 Second Quarter 2003 First 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 $1,336,139 $23,114 6.86% 1,316,705 23,403 7.13 1,289,161 23,220 7.30
Investment Securities
Taxable Investment Securities 108,234 841 3.09 118,494 929 3.13 138,646 1,180 3.41
Tax-Exempt Investment Securities 60,306 898 5.96 62,552 923 5.90 64,772 955 5.89
- --------------------------------------------------------------------------------------------------------------------------------
Total Investment Securities 168,540 1,739 4.12 181,046 1,852 4.09 203,418 2,135 4.21
Funds Sold 130,010 303 0.91 114,382 332 1.15 122,708 352 1.15
- --------------------------------------------------------------------------------------------------------------------------------
Total Earning Assets 1,634,689 $25,156 6.11% 1,612,133 25,587 6.37 1,615,287 25,707 6.45
============== ============ ============
Cash and Due From Banks 80,246 74,537 82,453
Allowance For Loan Losses (12,534) (12,531) (12,619)
Other Assets 113,604 112,852 111,536
- -------------------------------------------------------- --------- ---------
Total Assets $1,816,005 1,786,991 1,796,657
======================================================== ========= =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 263,729 $ 151 0.23% 256,675 193 0.30 262,618 202 0.31
Money Market Accounts 220,924 257 0.46 211,314 392 0.74 214,539 420 0.79
Savings Accounts 111,644 28 0.10 109,424 68 0.25 106,241 65 0.25
Time Deposits 434,206 2,293 2.10 434,515 2,400 2.22 434,825 2,539 2.37
- --------------------------------------------------------------------------------------------------------------------------------
1,030,503 2,729 1.05 1,011,928 3,053 1.21 1,018,223 3,226 1.29
Short-Term Borrowings 92,316 282 1.21 102,510 340 1.33 106,798 329 1.25
Long-Term Debt 53,041 495 3.70 54,434 501 3.69 72,372 545 3.05
- --------------------------------------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,175,860 $ 3,506 1.18% 1,168,872 3,894 1.34 1,197,393 4,100 1.39
============== ============ ============
Noninterest Bearing Deposits 421,376 403,870 389,540
Other Liabilities 19,709 19,468 19,308
- -------------------------------------------------------- --------- ---------
Total Liabilities 1,616,945 1,592,210 1,606,241
SHAREOWNERS' EQUITY: $ 199,060 194,781 190,416
- -------------------------------------------------------- --------- ---------
Total Liabilities and Shareowners' Equity $1,816,005 1,786,991 1,796,657
======================================================== ========= =========
Interest Rate Spread $21,650 4.93% 21,693 5.03 21,607 5.06
======================================================================== ============ ============
Interest Income and Rate Earned $25,156 6.11 25,587 6.37 25,707 6.45
Interest Expense and Rate Paid 3,506 0.85 3,894 0.97 4,100 1.03
- ------------------------------------------------------------------------ ------------ ------------
Net Interest Margin $21,650 5.26 21,693 5.40 21,607 5.42
======================================================================== ============ ============
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
- ----------------------------------------------------------------------------------------------------
Fourth Quarter 2002 Third Quarter of 2002
------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,292,892 $23,696 7.27% 1,266,591 $23,969 7.51
Investment Securities
Taxable Investment Securities 113,951 1,380 4.82 131,939 1,646 4.97
Tax-Exempt Investment Securities 66,610 986 5.92 68,692 1,022 5.95
- ----------------------------------------------------------------------------------------------------
Total Investment Securities 180,561 2,366 5.23 200,631 2,668 5.32
Funds Sold 118,082 391 1.30 44,263 182 1.61
- ----------------------------------------------------------------------------------------------------
Total Earning Assets 1,591,535 26,453 6.60 1,511,485 26,819 7.04
============ ============
Cash and Due From Banks 75,630 69,765
Allowance For Loan Losses (12,634) (12,503)
Other Assets 107,643 109,873
- -------------------------------------------------------- ---------
Total Assets $1,762,174 1,678,620
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 255,452 293 0.45 240,032 324 0.54
Money Market Accounts 219,429 557 1.01 221,521 731 1.31
Savings Accounts 105,741 98 0.36 106,551 137 0.51
Time Deposits 444,798 2,946 2.63 462,139 3,304 2.84
- ----------------------------------------------------------------------------------------------------
1,025,420 3,894 1.51 1,030,243 4,496 1.73
Short-Term Borrowings 83,119 235 1.12 64,915 194 1.19
Long-Term Debt 68,665 538 3.11 24,763 256 4.09
- ----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,177,204 4,667 1.57 1,119,921 4,946 1.75
============= ============
Noninterest Bearing Deposits 379,398 358,153
Other Liabilities 20,160 19,636
- -------------------------------------------------------- ---------
Total Liabilities 1,576,762 1,497,710
SHAREOWNERS' EQUITY: $ 185,412 180,910
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,762,174 1,678,620
======================================================== =========
Interest Rate Spread $21,786 5.03 21,873 5.29
======================================================================== ============
Interest Income and Rate Earned $26,453 6.60 26,819 7.04
Interest Expense and Rate Paid 4,667 1.16 4,946 1.30
- ------------------------------------------------------------------------ ------------
Net Interest Margin $21,786 5.44 21,873 5.74
======================================================================== ============
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
- ----------------------------------------------------------------------------------------------------
Nine Months Ended Nine Months Ended
September 30, 2003 September 30, 2002
------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,314,173 $69,736 7.09% 1,243,711 71,527 7.69
Investment Securities
Taxable Investment Securities 121,680 2,951 3.23 143,251 5,561 5.16
Tax-Exempt Investment Securities 62,527 2,776 5.92 69,691 3,148 6.03
- ----------------------------------------------------------------------------------------------------
Total Investment Securities 184,207 5,727 4.15 212,942 8,709 5.46
Funds Sold 122,394 987 1.06 88,041 1,089 1.63
- ----------------------------------------------------------------------------------------------------
Total Earning Assets 1,620,774 $76,450 6.31% 1,544,694 81,325 7.04
============== ============
Cash and Due From Banks 79,071 72,061
Allowance For Loan Losses (12,561) (12,334)
Other Assets 112,671 110,966
- -------------------------------------------------------- ---------
Total Assets $1,799,955 1,715,387
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 261,011 546 0.28% 237,296 980 0.55
Money Market Accounts 215,616 1,069 0.66 225,908 2,346 1.39
Savings Accounts 109,123 161 0.20 104,707 403 0.51
Time Deposits 434,513 7,232 2.23 510,523 12,928 3.39
- ----------------------------------------------------------------------------------------------------
1,020,263 9,008 1.18 1,078,434 16,657 2.07
Short-Term Borrowings 100,488 951 1.26 69,046 531 1.03
Long-Term Debt 59,878 1,541 3.44 17,536 648 4.94
- -----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,180,629 $11,500 1.30% 1,165,016 17,836 2.05
============== ============
Noninterest Bearing Deposits 405,045 353,366
Other Liabilities 19,497 19,294
- -------------------------------------------------------- ---------
Total Liabilities 1,605,171 1,537,676
SHAREOWNERS' EQUITY: $ 194,784 177,711
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,799,955 1,715,387
======================================================== =========
Interest Rate Spread $64,950 5.01% 63,489 4.99
======================================================================== ============
Interest Income and Rate Earned $76,450 6.31 81,325 7.04
Interest Expense and Rate Paid 11,500 0.95 17,836 1.54
- ------------------------------------------------------------------------ ------------
Net Interest Margin $64,950 5.36% 63,489 5.50
- ------------------------------------------------------------------------ ------------
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.