Exhibit 99.1 Capital City Bank Group, Inc.'s Press Release, dated
January 29, 2004
[CCBG LOGO] For Information Contact:
Corporate Headquarters J. Kimbrough Davis
217 North Monroe Street Executive Vice President
Tallahassee, FL 32301 Chief Financial Officer
(850) 671-0610
News Release
For Immediate Release January 29, 2004
CAPITAL CITY BANK GROUP, INC. REPORTS
2003 EARNINGS OF
$1.90 PER DILUTED SHARE, UP 9.3%
HIGHLIGHTS
* 2003 earnings of $25.2 million, or $1.90 per diluted share, represent
increases of 9.1% and 9.3%, respectively, over 2002. Fourth quarter 2003
earnings of $6.1 million, or $.46 per diluted share, represent decreases
of 9.3% and 9.5%, respectively over the fourth quarter 2002.
* Operating revenue up 5.8% over 2002 driven by a 16.2% increase in
noninterest income.
* YTD efficiency ratio of 63.39% represents a 19 basis point improvement
over 2002.
* Continued strong credit quality as indicated by a nonperforming asset
ratio of .54% and a net charge-off ratio of .27%.
EARNINGS HIGHLIGHTS
Three Months Ended Twelve Months Ended
--------------------------------- ---------------------
Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- -----------------------------------------------------------------------------------------------------------
EARNINGS
Net Income $ 6,096 6,296 6,722 25,193 23,082
Diluted Earnings Per Common Share $ 0.46 0.47 0.51 1.90 1.74
- -----------------------------------------------------------------------------------------------------------
PERFORMANCE
Return on Average Equity 11.98% 12.55 14.38 12.82 12.85
Return on Average Assets 1.33 1.38 1.51 1.40 1.34
Net Interest Margin 5.12 5.26 5.44 5.30 5.47
Noninterest Income as % of Operating Revenue 33.82 33.96 33.76 33.13 30.16
Efficiency Ratio 65.80 63.47 61.68 63.39 63.58
- -----------------------------------------------------------------------------------------------------------
CAPITAL ADEQUACY
Tier 1 Capital Ratio 12.88% 12.98 12.03 12.88 12.03
Total Risk-Based Capital Ratio 13.79 13.92 13.00 13.79 13.00
Leverage Ratio 9.51 9.19 8.46 9.51 8.46
Equity to Assets 10.98 10.73 10.22 10.98 10.22
EARNINGS HIGHLIGHTS
Three Months Ended Twelve Months Ended
--------------------------------- ---------------------
Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
(Dollars in thousands, except per share data) 2003 2003 2002 2003 2002
- -----------------------------------------------------------------------------------------------------------
ASSET QUALITY
Allowance as % of Non-Performing Loans 529.80% 183.35 497.72 529.80 497.72
Allowance as a % of Loans 0.93 0.94 0.97 0.93 0.97
Net Charge-Offs as % of Average Loans 0.25 0.28 0.25 0.27 0.23
Nonperforming Assets as % of Loans and ORE 0.54 0.63 0.30 0.54 0.30
- ----------------------------------------------------------------------------------------------------------
STOCK PERFORMANCE
High $ 46.83 40.93 32.04 46.83 32.04
Low 36.62 35.00 22.26 26.81 18.12
Close 45.99 38.16 31.35 45.99 31.35
Average Daily Trading Volume 10,586 9,810 13,118 11,175 14,597
- ----------------------------------------------------------------------------------------------------------
All share and per share data have been restated to reflect the 5-for-4 stock split effective
June 13, 2003.
TALLAHASSEE -- Capital City Bank Group, Inc. (NASDAQ: CCBG) reported earnings
for the year ended 2003 totaling $25.2 million, or $1.90 per diluted share.
This compares to $23.1 million, or $1.74 per diluted share in 2002, an
increase of 9.1% and 9.3%, respectively. For fourth quarter 2003, earnings
totaled $6.1 million, or $.46 per diluted share. This compares to $6.7
million, or $.51 per diluted share in 2002, decreases of 9.3% and 9.5%,
respectively. The Return on Average Assets was 1.40% and the Return on
Average Equity was 12.82% for the year compared to 1.34% and 12.85%,
respectively, for 2002.
The increase in full year 2003 earnings was primarily attributable to growth
in operating revenues (defined as the total of net interest income and
noninterest income) of 5.8%, driven by 16.2% growth in noninterest income.
The increase in noninterest income reflects higher deposit fees, merchant
service fee income and mortgage banking revenues. The decrease in fourth
quarter 2003 earnings, versus the comparable period in 2002, was attributable
to a decline in noninterest income, specifically mortgage banking revenues.
William G. Smith, Jr., President and CEO, stated, "2003 was another solid
year for Capital City. We approach 2004 with enthusiasm and confidence. Our
strategy as a super community bank in the relationship banking business is
proving to be very successful."
Net interest income in 2003 grew by $1.1 million, or 1.3%, over 2002 due to
lower funding costs and a shift in the earning assets mix, partially offset
by declining asset yields attributable to the low interest rate environment.
The full year 2003 net interest margin of 5.30% declined 17 basis points from
the comparable period in 2002. Compared to fourth quarter 2002, net interest
income decreased in the fourth quarter of 2003 by $611,000, reflecting margin
pressure driven by lower asset yields. The net interest margin for fourth
quarter 2003 was 5.12%, a decline of 32 basis points from the comparable
period in 2002. The margin, in terms of both amount and percent, may decline
slightly over the next quarter as historically low interest rates continue to
prevail, driving earning asset yields lower.
2
Provision for loan losses for the year totaled $3.4 million compared to $3.3
million in 2002. Net charge-offs totaled $3.5 million, or .27% of average
loans for the year compared to $2.9 million, or .23% for 2002. At year-end
the allowance for loan losses was .93% of outstanding loans and provided
coverage of 530% of nonperforming loans.
Noninterest income improved $5.8 million, or 16.2%, over 2002 due to higher
deposit fees, merchant service fee income and mortgage banking revenues. The
higher deposit fees are primarily attributable to growth in NSF/overdraft
fees. Merchant service fee income improved due to increased transaction
volume and was partially offset with higher interchange service fees, which
is reflected in noninterest expense. Mortgage banking revenues increased due
to strong production and sale of fixed rate mortgages. Noninterest income
was 2.3% of average assets for the year ended 2003, a 23 basis point
improvement over 2002, and represented 33.1% of operating revenue, a 297
basis point improvement over 2002. Noninterest income generated in the
fourth quarter of 2003 was 3.1% lower than the third quarter due to a decline
in mortgage production, which fell 46.2%. The slight rise in mortgage rates
during the last half of 2003 significantly slowed the level of mortgage
production, particularly refinancing activity.
Noninterest expense grew by $3.8 million, or 4.7% over 2002 due primarily to
higher pension costs, medical insurance premiums, associate salaries, and
merchant service interchange fees. The increase in salary expense was driven
by higher performance-based compensation. Higher occupancy expense (due to
office expansion) and maintenance/repair expense also contributed to the
increase. The year-to-date efficiency ratio (defined as noninterest expense
less intangible amortization divided by tax equivalent net interest income
plus noninterest income) improved 19 basis points to 63.39%, driven by 5.8%
growth in operating revenues.
Income tax expense for 2003 was $13.6 million, up 7.0% over 2002. The
effective rate was 35.0%, down from 35.4% in 2002. Following a recent IRS
examination, the company performed an evaluation of all its tax accounts.
Upon completion of this analysis in the fourth quarter of 2003, the company
determined certain tax accounts should be adjusted to more appropriately
reflect its current and deferred assets and liabilities. As a result, income
tax expense was reduced by approximately $500,000 in the current quarter.
Average earning assets increased $44.7 million, or 2.8%, in the fourth
quarter of 2003 over the comparable period in 2002. This increase in earning
assets reflects growth in average loans of $36.8 million, or 2.8%, and growth
of $10.5 million in the Company's investment portfolio. The residential loan
portfolio, which declined significantly year over year, began to stabilize in
the fourth quarter. Management anticipates the pace of loan refinancing to
slow in 2004 resulting in loan production producing greater net growth for
the total loan portfolio.
Nonperforming assets totaled $7.3 million, or .54% of total loans and other
real estate at year-end. This compares to .63% for the third quarter of
2003, and .30% for the year ended 2002. The increase in the nonperforming
ratio compared to 2002 is due to one large other real estate parcel in the
amount of $3.9 million. The sale of this parcel is not expected to result in
a loss.
3
Average total deposits increased $46.3 million, or 3.3%, from fourth quarter
2002. The increase was primarily a result of 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 fourth quarter with approximately $115.6 million in
average net overnight funds as compared to $118.1 million in the fourth
quarter of 2002. Average net overnight funds decreased from the previous
quarter and are anticipated to remain near or slightly below current levels
during the first quarter of 2004.
Capital City Bank Group, Inc. is a $1.8 billion financial services company
headquarted in Tallahassee, Florida, providing traditional deposit and credit
services, asset management, trust, mortgage banking, merchant services,
bankcards, data processing and securities brokerage services. Founded in
1895, the Company has 57 banking offices, 73 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
communities.
"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.
4
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
Unaudited
- ------------------------------------------------------------------------------------------------------------------------------
2003 2002 Twelve Months Ended
------------------------------------------- -------- December 31,
Fourth Third Second First Fourth -------------------
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME
Interest and Fees on Loans $ 22,489 23,066 23,363 23,174 23,628 $ 92,092 94,921
Interest on Investment Securities 1,350 1,434 1,539 1,811 2,033 6,134 9,693
Interest on Funds Sold 274 303 332 352 391 1,261 1,481
- -----------------------------------------------------------------------------------------------------------------------------
Total Interest Income 24,113 24,803 25,234 25,337 26,052 99,487 106,095
- -----------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE
Interest on Deposits 2,558 2,729 3,053 3,226 3,894 11,567 20,551
Interest on Short-term Borrowings 319 282 340 329 236 1,270 767
Interest on Long-term Debt 462 495 501 545 537 2,002 1,185
- -----------------------------------------------------------------------------------------------------------------------------
Total Interest Expense 3,339 3,506 3,894 4,100 4,667 14,839 22,503
- -----------------------------------------------------------------------------------------------------------------------------
Net Interest Income 20,774 21,297 21,340 21,237 21,385 84,648 83,592
Provision for Loan Losses 850 921 886 779 863 3,436 3,297
- -----------------------------------------------------------------------------------------------------------------------------
Net Interest Income after Provision for Loan Losses 19,924 20,376 20,454 20,458 20,522 81,212 80,295
=============================================================================================================================
NONINTEREST INCOME
Service Charge Revenue 4,155 4,123 4,074 3,967 4,033 16,319 12,749
Data Processing Revenue 656 578 611 558 512 2,403 2,006
Asset Management Fees 735 660 650 605 631 2,650 2,521
Mortgage Banking Revenue 1,140 2,066 1,540 1,344 2,273 6,090 5,502
Other Fees 3,928 3,525 3,553 3,471 3,449 14,477 13,325
- -----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Income 10,614 10,952 10,428 9,945 10,898 41,939 36,103
=============================================================================================================================
NONINTEREST EXPENSE
Compensation 11,107 11,870 11,003 11,138 10,922 45,118 42,142
Premises 1,504 1,589 1,510 1,369 1,477 5,972 5,719
FF&E 2,123 2,048 1,874 1,795 2,021 7,840 7,677
Intangible Amortization 810 810 810 811 811 3,241 3,242
Other Expense 6,140 5,189 5,556 5,325 5,799 22,207 21,845
- -----------------------------------------------------------------------------------------------------------------------------
Total Noninterest Expense 21,684 21,503 20,753 20,438 21,030 84,378 80,625
=============================================================================================================================
OPERATING PROFIT 8,854 9,825 10,129 9,965 10,390 38,773 35,773
Provision for Income Taxes 2,758 3,529 3,689 3,604 3,668 13,580 12,691
- -----------------------------------------------------------------------------------------------------------------------------
NET INCOME $ 6,096 6,296 6,440 6,361 6,722 $25,193 23,082
=============================================================================================================================
PER SHARE DATA
Basic Earnings $ 0.47 0.47 0.49 0.48 0.51 $ 1.91 1.75
Diluted Earnings 0.46 0.47 0.49 0.48 0.51 1.90 1.74
Cash Dividends 0.180 0.170 0.170 0.136 0.139 0.656 0.502
AVERAGE SHARES
Basic 13,223 13,209 13,209 13,207 13,189 13,222 13,225
Diluted 13,265 13,255 13,255 13,253 13,238 13,251 13,274
=============================================================================================================================
All share and per share data have been restated to reflect the 5-for-4 stock split effective June 13, 2003.
5
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
- -----------------------------------------------------------------------------------------------------------------
2003 2002
---------------------------------------------- ----------
Fourth Third Second First Fourth
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ASSETS
Cash and Due From Banks $ 93,140 105,407 98,388 85,976 89,823
Funds Sold 125,452 161,579 168,773 176,428 170,936
- -----------------------------------------------------------------------------------------------------------------
Total Cash and Cash Equivalents 218,592 266,986 267,161 262,404 260,759
Investment Securities, Available-for-Sale 181,734 162,734 170,745 190,119 180,315
Loans, Net of Unearned 1,341,632 1,322,888 1,332,387 1,311,556 1,285,221
Allowance for Loan Losses (12,429) (12,424) (12,434) (12,437) (12,495)
- -----------------------------------------------------------------------------------------------------------------
Loans, Net 1,329,203 1,310,464 1,319,953 1,299,119 1,272,726
Premises and Equipment 54,011 55,347 53,132 51,484 48,897
Intangible Assets 25,792 26,603 27,413 28,223 29,034
Other Assets 37,170 32,289 32,186 33,168 33,040
- -----------------------------------------------------------------------------------------------------------------
Total Other Assets 116,973 114,239 112,731 112,875 110,971
- -----------------------------------------------------------------------------------------------------------------
Total Assets $1,846,502 1,854,423 1,870,590 1,864,517 1,824,771
=================================================================================================================
LIABILITIES
Deposits:
Noninterest Bearing Deposits $ 455,550 456,302 456,050 426,269 406,081
Interest Bearing Deposits 1,018,655 1,029,139 1,042,527 1,032,801 1,028,119
- -----------------------------------------------------------------------------------------------------------------
Total Deposits 1,474,205 1,485,441 1,498,577 1,459,070 1,434,200
Short-Term Borrowings 108,184 112,255 101,629 140,138 113,675
Long-Term Debt 46,475 38,016 57,664 53,651 71,745
Other Liabilities 14,829 19,820 17,251 20,644 18,620
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities 1,643,693 1,655,532 1,675,121 1,673,503 1,638,240
- -----------------------------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY
Common Stock 132 132 132 106 106
Additional Paid-in-Capital 16,157 15,578 15,447 15,120 14,717
Retained Earnings 185,134 181,395 177,346 173,152 168,587
Accumulated Other Comprehensive Income 1,386 1,786 2,544 2,636 3,121
- -----------------------------------------------------------------------------------------------------------------
Total Shareowners' Equity 202,809 198,891 195,469 191,014 186,531
- -----------------------------------------------------------------------------------------------------------------
Total Liabilities and Owners' Equity $1,846,502 1,854,423 1,870,590 1,864,517 1,824,771
=================================================================================================================
OTHER BALANCE SHEET DATA
Earning Assets $1,648,818 1,647,201 1,671,905 1,678,103 1,636,472
Intangible Assets
Goodwill 6,680 6,680 6,680 6,680 6,680
Deposit Base 19,112 19,923 20,733 21,543 22,354
Interest Bearing Liabilities 1,173,314 1,179,410 1,201,820 1,226,590 1,213,539
- -----------------------------------------------------------------------------------------------------------------
Book Value Per Diluted Share $ 15.27 15.00 14.73 14.42 14.08
Tangible Book Value Per Diluted Share 13.33 13.00 12.67 12.28 11.89
- -----------------------------------------------------------------------------------------------------------------
Actual Basic Shares Outstanding 13,236 13,222 13,221 13,207 13,196
Actual Diluted Shares Outstanding 13,280 13,256 13,267 13,254 13,245
=================================================================================================================
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
---------------------------------------------- ----------
Fourth Third Second First Fourth
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- -----------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period $12,424 12,434 12,437 12,495 12,462
Acquired Reserves 0 0 0 0 0
Provision for Loan Losses 850 921 886 779 863
Net Charge-Offs 845 931 889 837 830
- -----------------------------------------------------------------------------------------------------------------
Balance at End of Period $12,429 12,424 12,434 12,437 12,495
=================================================================================================================
As a % of Loans 0.93% 0.94 0.93 0.95 0.97
As a % of Nonperforming Loans 529.80 183.35 331.15 485.06 497.72
As a % of Nonperforming Assets 170.24 148.51 244.73 329.89 325.14
=================================================================================================================
CHARGE-OFFS
Commercial, Financial and Agricultural $ 46 61 177 142 136
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 91 0 0 0
Real Estate - Residential 58 119 32 19 65
Consumer 1,054 937 916 887 874
- -----------------------------------------------------------------------------------------------------------------
Total Charge-Offs $ 1,158 1,208 1,125 1,048 1,075
=================================================================================================================
RECOVERIES
Commercial, Financial and Agricultural $ 13 73 42 14 14
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 0 0 0 20
Real Estate - Residential 17 0 0 0 1
Consumer 283 204 194 197 210
- -----------------------------------------------------------------------------------------------------------------
Total Recoveries $ 313 277 236 211 245
=================================================================================================================
NET CHARGE-OFFS $ 845 931 889 837 830
=================================================================================================================
Net Charge-Offs as a % of Average Loans 0.25% 0.28 0.27 0.26 0.25
=================================================================================================================
RISK ELEMENT ASSETS
Nonaccruing Loans $ 2,346 6,776 3,755 2,564 2,510
Restructured 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Loans 2,346 6,776 3,755 2,564 2,510
Other Real Estate 4,955 1,590 1,326 1,206 1,333
- -----------------------------------------------------------------------------------------------------------------
Total Nonperforming Assets $ 7,301 8,366 5,081 3,770 3,843
=================================================================================================================
Past Due Loans 90 Days or More $ 328 410 1,976 1,685 2,453
=================================================================================================================
Nonperforming Loans as a % of Loans 0.17% 0.51 0.28 0.20 0.20
Nonperforming Assets as a % of
Loans and Other Real Estate 0.54 0.63 0.38 0.29 0.30
Nonperforming Assets as a % of Capital 3.39 3.96 2.44 1.85 1.93
=================================================================================================================
Annualized
Capital includes allowance for loan losses.
7
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- -----------------------------------------------------------------------------------------------------
Fourth Quarter 2003 Third Quarter 2003
------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- ------------------------------------------------------------------------ -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,329,673 $22,527 6.72% 1,336,139 23,114 6.86
Investment Securities
Taxable Investment Securities 133,029 744 2.31 108,234 841 3.09
Tax-Exempt Investment Securities 58,006 875 6.03 60,306 898 5.96
- ----------------------------------------------------------------------------------------------------
Total Investment Securities 191,035 1,649 3.45 168,540 1,739 4.12
Funds Sold 115,561 274 0.93 130,010 303 0.91
- ----------------------------------------------------------------------------------------------------
Total Earning Assets 1,636,269 $24,450 5.93% 1,634,689 25,156 6.11
=============== =============
Cash and Due From Banks 81,272 80,246
Allowance For Loan Losses (12,494) (12,534)
Other Assets 114,505 113,604
- ------------------------------------------------------- ---------
Total Assets $1,819,522 1,816,005
======================================================= =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 273,497 $ 130 0.19% 263,729 151 0.23
Money Market Accounts 215,540 242 0.44 220,924 257 0.46
Savings Accounts 111,957 28 0.10 111,644 28 0.10
Time Deposits 429,209 2,158 1.99 434,206 2,293 2.10
- ----------------------------------------------------------------------------------------------------
1,030,203 2,558 0.99 1,030,503 2,729 1.05
Short-Term Borrowings 103,606 319 1.22 92,316 282 1.21
Long-Term Debt 42,881 462 4.27 53,041 495 3.70
- ----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,176,690 $ 3,339 1.13% 1,175,860 3,506 1.18
=============== =============
Noninterest Bearing Deposits 420,892 421,376
Other Liabilities 20,031 19,709
- ------------------------------------------------------- ---------
Total Liabilities 1,617,613 1,616,945
SHAREOWNERS' EQUITY: $ 201,939 199,060
- ------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,813,552 1,816,005
======================================================= =========
Interest Rate Spread $21,111 4.80% 21,650 4.93
======================================================================== =============
Interest Income and Rate Earned $24,450 5.93 25,156 6.11
Interest Expense and Rate Paid 3,339 0.81 3,506 0.85
- ------------------------------------------------------------------------ -------------
Net Interest Margin $21,111 5.12% 21,650 5.26
======================================================================== =============
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.
8
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- -------------------------------------------------------------------------------------------------------------------------------
Second Quarter 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 1,852 4.09 203,418 2,135 4.21 180,561 2,366 5.23
Funds Sold 114,382 332 1.15 122,708 352 1.15 118,082 391 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 0.30 262,618 202 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 3,226 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 1.15
Long-Term Debt 54,434 501 3.69 72,372 545 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.
9
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
- ----------------------------------------------------------------------------------------------------
Twelve Months Ended Twelve Months Ended
December 31, 2003 December 31, 2002
-------------------------- -------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- ------------------------------------------------------------------------- -------------------------
ASSETS:
Loans, Net of Unearned Interest $1,918,080 $ 92,264 7.00% 1,256,107 95,222 7.58
Investment Securities
Taxable Investment Securities 124,541 3,724 2.98 135,865 6,941 5.09
Tax-Exempt Investment Securities 61,387 3,651 5.95 68,915 4,133 6.00
- -----------------------------------------------------------------------------------------------------
Total Investment Securities 185,928 7,375 3.97 204,780 11,074 5.41
Funds Sold 120,672 1,261 1.03 95,613 1,481 1.53
- -----------------------------------------------------------------------------------------------------
Total Earning Assets 1,624,680 $100,900 6.21% 1,556,500 107,777 6.92
=============== =============
Cash and Due From Banks 79,625 72,960
Allowance For Loan Losses (12,544) (12,409)
Other Assets 113,134 110,129
- -------------------------------------------------------- ---------
Total Assets $1,804,895 1,727,180
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 264,159 676 0.26% 241,873 1,272 0.53
Money Market Accounts 215,597 1,311 0.61 224,275 2,904 1.30
Savings Accounts 109,837 189 0.17 104,967 500 0.48
Time Deposits 433,176 9,390 2.17 493,956 15,875 3.21
- -----------------------------------------------------------------------------------------------------
1,022,769 11,566 1.13 1,065,071 20,551 1.93
Short-Term Borrowings 101,274 1,270 1.25 72,594 767 1.06
Long-Term Debt 55,594 2,003 3.60 30,423 1,185 3.90
- -----------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,179,637 $ 14,839 1.26% 1,168,088 22,503 1.93
=============== =============
Noninterest Bearing Deposits 409,039 359,928
Other Liabilities 19,631 19,512
- -------------------------------------------------------- ---------
Total Liabilities 1,608,307 1,547,528
SHAREOWNERS' EQUITY: $ 196,588 179,652
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,804,895 1,727,180
======================================================== =========
Interest Rate Spread $ 86,061 4.95% 85,274 4.99
========================================================================= =============
Interest Income and Rate Earned $100,900 6.21 107,777 6.92
Interest Expense and Rate Paid 14,839 0.91 22,503 1.45
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Net Interest Margin $ 86,061 5.30% 85,274 5.47
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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.
10