Capital City Bank Group, Inc.

Reports Fourth Quarter and Full Year 2016 Results

 

TALLAHASSEE, Fla. (January 24, 2017) – Capital City Bank Group, Inc. (Nasdaq: CCBG) today reported net income of $3.3 million, or $0.20 per diluted share for the fourth quarter of 2016 compared to net income of $2.9 million, or $0.17 per diluted share for the third quarter of 2016, and $2.6 million, or $0.16 per diluted share, for the fourth quarter of 2015.  For the full year 2016, net income totaled $11.7 million, or $0.69 per diluted share, compared to net income of $9.1 million, or $0.53 per diluted share in 2015.       

 

Full Year 2016 HIGHLIGHTS

·   Broader based loan growth of 4.6% driven by both increased demand and effective calling efforts

·   49% reduction in loan loss provision driven by lower loan charge-offs and strong loan recoveries 

·   1.8% decrease in noninterest expenses (primarily OREO costs and FDIC fees)    

·   NPAs and classified assets down by 35% and 28%, respectively

·   $10 million trust preferred securities (“TRUPs”) repurchased at a discount added $2.5 million pre-tax earnings ($0.09 per share)

·   Repurchased 435,000 shares of common stock

 

Fourth Quarter 2016 HIGHLIGHTS

·   Average loans grew 1.1% sequentially driven by strong commercial real estate production

·   Continued progress in reducing noninterest expenses – down 1.6% sequentially 

·   NPAs and classified assets down sequentially by 10% and 7%, respectively

 

“We finished 2016 with a strong fourth quarter, and I am pleased with our performance for the full year,” said William G. Smith, Jr., Chairman, President and CEO. “Positive trends continued through the quarter, and we experienced solid loan growth, significant reductions in nonperforming assets, decreases in expenses and growth in earnings. We made meaningful progress throughout the year, thanks to the hard work of our associates and our sustained focus on initiatives that add value to our shareowners. As we move into 2017, I look forward to the opportunities and challenges of a new year.”

 

Compared to the third quarter of 2016, performance reflects higher net interest income of $0.7 million and lower noninterest expense of $0.5 million, partially offset by a $0.5 million increase in the loan loss provision, lower noninterest income of $0.2 million, and higher income taxes of $0.1 million.

 

Compared to the fourth quarter of 2015, the increase in earnings was due to lower noninterest expense of $0.7 million, higher net interest income of $0.3 million, and lower income taxes of $0.1 million, partially offset by lower noninterest income of $0.4 million.

 

For the full year 2016, the increase in earnings was attributable to lower noninterest expense of $2.0 million, higher net interest income of $1.6 million, and a $0.8 million decrease in the loan loss provision, partially offset by higher income taxes of $1.4 million and lower noninterest income of $0.4 million.

 

The Return on Average Assets was 0.48% and the Return on Average Equity was 4.70% for the fourth quarter of 2016.  These metrics were 0.42% and 4.12% for the third quarter of 2016, respectively, and 0.39% and 3.74% for the fourth quarter of 2015, respectively.  For the full year 2016, the Return on Average Assets was 0.43% and the Return on Average Equity was 4.22% compared to 0.34% and 3.31%, respectively, for 2015.

 

Discussion of Operating Results

 

Tax equivalent net interest income for the fourth quarter of 2016 was $20.3 million compared to $19.6 million for the third quarter of 2016 and $20.0 million for the fourth quarter of 2015.  During the fourth quarter of 2016, overnight funds were used to fund growth in the loan and investment portfolios resulting in a positive shift in our earning asset mix. Non-accrual loan adjustments also had a favorable impact. The increase in tax equivalent net interest income compared to the fourth quarter of 2015 reflects growth in the investment portfolio and a higher rate paid on overnight funds, partially offset by a decline in loan fees.  For the full year 2016, tax equivalent net interest income totaled $79.0 million compared to $77.0 million for the prior year.  The year over year increase was driven primarily by one additional calendar day and growth in the loan and investment portfolios. These increases were partially offset by generally lower loan rates.

 

Although the low interest rate environment continues to put downward pressure on our net interest income, we have been successful in increasing our net interest income year-over-year. The Federal Open Market Committee (FOMC) increased the federal funds rate 25 basis points to a target rate of 75 basis points in December 2016, alleviating some of this pressure in 2017, particularly in our variable rate loans. However, aggressive lending competition in all markets continues to impact the pricing for loans. Historically low rates and competition, collectively, continue to impact our loan yields.  Various loan strategies, which align with our overall risk appetite, continue to be reviewed and implemented to enhance our performance.

 

 


 

Our net interest margin for the fourth quarter of 2016 was 3.34%, an increase of 11 basis points over the third quarter of 2016 and a decrease of three basis points from the fourth quarter of 2015.  The increase in the margin compared to the third quarter of 2016 was due to growth in our loan and investment portfolios, in addition to $0.5 million in net interest recoveries.  The decrease in the margin compared to the fourth quarter of 2015 was primarily attributable to lower loan yields.  For the full year 2016, the net interest margin declined six basis points to 3.25% compared to 2015, primarily due to lower loan yields and loan fees.

 

The provision for loan losses for the fourth quarter of 2016 was $0.5 million compared to no provision for the third quarter of 2016 and $0.5 million for the fourth quarter of 2015.  For the full year 2016, the loan loss provision totaled $0.8 million compared to $1.6 million for 2015.  For 2016, the lower level of loan loss provision reflects continued favorable problem loan migration and lower net loan charge-offs, partially offset by growth in the loan portfolio.  Net loan charge-offs for the fourth quarter of 2016 totaled $0.8 million compared to net loan recoveries of $0.1 million for the third quarter of 2016 and net loan charge-offs of $1.3 million for the fourth quarter of 2015.  For the full year 2016, net loan charge-offs totaled $1.3 million (consisting of gross charge-offs of $4.7 million, less recoveries of $3.4 million), or 0.09% of average loans compared to $5.2 million, or 0.35% for 2015.  As of December 31, 2016, the allowance for loan losses of $13.4 million was 0.86% of outstanding loans (net of overdrafts) and provided coverage of 157% of nonperforming loans compared to 0.88% and 160%, respectively, as of September 30, 2016 and 0.93% and 135%, respectively, as of December 31, 2015.

 

Noninterest income for the fourth quarter of 2016 totaled $12.8 million, a decrease of $0.2 million, or 1.8%, from the third quarter of 2016 and a decrease of $0.4 million, or 3.4%, from the fourth quarter of 2015.  The decrease from the third quarter of 2016 reflects lower deposit fees of $0.1 million and mortgage banking fees of $0.1 million.  Compared to the fourth quarter of 2015, the decrease reflects lower deposit fees of $0.4 million, wealth management fees of $0.2 million, and bank card fees of $0.1 million, partially offset by higher mortgage banking fees of $0.3 million.  For the full year 2016, noninterest income totaled $53.7 million, a $0.4 million decrease from 2015, primarily attributable to lower deposit fees of $1.3 million and wealth management fees of $0.5 million partially offset by higher other income of $0.8 million and mortgage banking fees of $0.6 million.  The decrease in deposit fees reflects lower overdraft service fees attributable to a reduction in accounts using this service as well as lower utilization by existing users.  The reduction in wealth management fees generally reflects lower trading volume by our retail brokerage clients.  The favorable variance in other income primarily reflects a $2.5 million gain from the partial retirement of our trust preferred securities (“TRUPs”) in 2016, partially offset by higher BOLI income of $1.7 million in 2015.  Strong residential home sales activity in our markets drove the improvement in mortgage banking fees.         

 

Noninterest expense for the fourth quarter of 2016 totaled $27.6 million, a decrease of $0.5 million, or 1.6%, from the third quarter of 2016 reflective of lower other real estate owned (“OREO”) expense of $0.5 million, other expense of $0.5 million, and occupancy expense of $0.2 million, partially offset by higher compensation expense of $0.7 million.  Compared to the fourth quarter of 2015, noninterest expense decreased $0.7 million, or 2.5%, due to lower OREO expense of $0.9 million, other expense of $0.6 million, and occupancy expense of $0.1 million, partially offset by higher compensation expense of $0.9 million.  For the full year 2016, noninterest expense totaled $113.2 million, a decrease of $2.1 million, or 1.8%, from 2015 reflective of lower OREO expense of $1.3 million, other expense of $0.9 million and compensation expense of $0.4 million, partially offset by higher occupancy expense of $0.5 million.  Lower carrying costs drove the reduction in OREO expense.  The reduction in other expense was primarily attributable to lower FDIC insurance fees and professional fees, partially offset by higher telephone expense.  The decrease in compensation reflects a higher level of deferred loan cost (which reduces salary expense) partially offset by higher pension plan expense.  The increase in occupancy expense was primarily due to higher depreciation expense reflective of technology investments in our banking offices and security infrastructure, and to a lesser extent higher maintenance costs for building and furniture/equipment.  

 

We realized income tax expense of $1.5 million (32% effective rate) for the fourth quarter of 2016 compared to $1.4 million (33% effective rate) for the third quarter of 2016 and $1.6 million (38% effective rate) for the fourth quarter of 2015.  For the full year 2016, income tax expense totaled $5.9 million (33% effective rate) compared to $4.5 million (33% effective rate) for 2015.  Absent future discrete events, we anticipate our effective tax rate will remain in the range of 34%-35%.

 

 

 

 

 

  

 

 


 

Discussion of Financial Condition

 

Average earning assets were $2.423 billion for the fourth quarter of 2016, an increase of $5.4 million, or 0.2%, over the third quarter of 2016, and an increase of $69.7 million, or 3.0%, over the fourth quarter of 2015.  The change in earning assets over both periods reflects a higher level of total deposits. Additionally, growth in both the loan and investment portfolios led to a more favorable earning asset mix.    

 

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $145.5 million during the fourth quarter of 2016 compared to an average net overnight funds sold position of $166.2 million in the third quarter of 2016 and $222.8 million in the fourth quarter of 2015. The decrease in net overnight funds compared to the third quarter of 2016 reflects an increase in both the investment and loan portfolios.  The decrease in net overnight funds compared to the fourth quarter of 2015 reflects growth in the loan and investment portfolios, and a reduction in both short-term and long-term borrowings, partially offset by growth in deposit balances.

 

Average loans increased $17.4 million, or 1.1% when compared to the third quarter of 2016, and have grown $80.7 million, or 5.4% when compared to the fourth quarter of 2015. The increase compared to the third quarter of 2016 reflects growth in all loan types except institutional and residential mortgages. Growth over the fourth quarter of 2015 was experienced in all loan products, with the exception of residential mortgages. 

 

Without compromising our credit standards or taking on inordinate interest rate risk, we continue to make minor modifications on some of our lending programs to try to mitigate the impact that consumer and business deleveraging has had on our portfolio.  These programs, coupled with economic improvements in our anchor markets, have helped to increase overall production.

 

Nonperforming assets (nonaccrual loans and OREO) totaled $19.2 million at year-end 2016, a decrease of $2.2 million, or 10%, from the third quarter of 2016 and $10.4 million, or 35%, from year-end 2015.  Nonaccrual loans totaled $8.5 million at year-end 2016, a $0.1 million decrease from the third quarter of 2016 and a $1.8 million decrease from year-end 2015.  Nonaccrual loan additions totaled $3.9 million in the fourth quarter of 2016 and $13.1 million for the full year 2016, which compares to $3.6 million and $15.7 million, respectively, for the same periods of 2015.  The balance of OREO totaled $10.6 million at year-end 2016, a decrease of $2.1 million and $8.7 million, respectively, from the third quarter of 2016 and year-end 2015.  For the fourth quarter of 2016, we added properties totaling $0.7 million, sold properties totaling $2.4 million, and recorded valuation adjustments totaling $0.4 million.  For the full year 2016, we added properties totaling $4.0 million, sold properties totaling $10.3 million, and recorded valuation adjustments totaling $2.4 million.  Nonperforming assets represented 0.67% of total assets as of December 31, 2016 compared to 0.78% as of September 30, 2016 and 1.06% as of December 31, 2015.

 

Average total deposits were $2.307 billion for the fourth quarter of 2016, an increase of $18.2 million, or 0.8%, over the third quarter of 2016, and an increase of $132.2 million, or 6.1% over the fourth quarter of 2015. The increase in deposits when compared to both periods reflects growth in all deposit products except money market accounts and certificates of deposit.  The seasonal inflow of public fund balances began late in the fourth quarter of 2016, and is expected to peak during the first quarter of 2017 for this cycle.   

 

Deposit levels remain strong, particularly given the recent increase in the fed funds rate, and average core deposits continue to experience growth. Competitive rates are monitored on an ongoing basis as a prudent pricing discipline remains the key to managing our mix of deposits.

 

Compared to the third quarter of 2016, average borrowings decreased $3.5 million primarily due to payoffs of FHLB advances. Compared to the fourth quarter of 2015, average borrowings decreased by $74.5 million due to a partial redemption of subordinated debt and a decline in repurchase agreements.

 

Shareowners’ equity was $275.2 million as of December 31, 2016, compared to $276.6 million as of September 30, 2016 and $274.4 million as of December 31, 2015.  During 2016, shareowners’ equity was positively impacted by net income of $11.7 million, stock compensation accretion of $1.3 million, and net adjustments totaling $1.0 million related to transactions under our stock compensation plans.  Shareowners’ equity was reduced by common stock dividends of $2.9 million ($0.17 per share), common stock share repurchases totaling $6.3 million (435,461 shares), a $3.5 million increase in the accumulated other comprehensive loss for our pension plan, and a net increase of $0.5 million in the unrealized loss on investment securities.  Our leverage ratio was 10.23%, 10.12%, and 10.65%, respectively, for these periods.  Further, as of December 31, 2016, our risk-adjusted capital ratio was 16.28% compared to 16.28% and 17.25% at September 30, 2016 and December 31, 2015, respectively.  Our common equity tier 1 ratio was 12.61% as of December 31, 2016, compared to 12.55% as of September 30, 2016 and 12.84% as of December 31, 2015.  All of our capital ratios significantly exceed the threshold to be designated as “well-capitalized” under the Basel III capital standards.  Share repurchase activity and the partial retirement of TRUPs during 2016 unfavorably impacted our regulatory capital ratios by approximately 38 basis points and 50 basis points, respectively.

 

   

 


 

About Capital City Bank Group, Inc.

 

Capital City Bank Group, Inc. (Nasdaq: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $2.8 billion in assets.  We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, data processing and securities brokerage services.  Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 60 banking offices and 71 ATMs in Florida, Georgia and Alabama.  For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

 

FORWARD-LOOKING STATEMENTS

 

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

 

USE OF NON-GAAP FINANCIAL MEASURE

 

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

 

(Dollars in Thousands)

 

Dec 31, 2016

Sep 30, 2016

Jun 30, 2016

Mar 31, 2016

Dec 31, 2015

TANGIBLE COMMON EQUITY RATIO

 

 

 

 

 

 

 

 

 

 

 

Shareowners' Equity (GAAP)

 

$

275,168

$

276,624

$

274,824

$

276,833

$

274,352

Less: Goodwill (GAAP)

 

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Tangible Shareowners' Equity (non-GAAP)

A

 

190,357

 

191,813

 

190,013

 

192,022

 

189,541

Total Assets (GAAP)

 

 

2,845,197

 

2,753,154

 

2,767,635

 

2,792,186

 

2,797,860

Less: Goodwill (GAAP)

 

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Tangible Assets (non-GAAP)

B

$

2,760,386

$

2,668,343

$

2,682,824

$

2,707,375

$

2,713,049

Tangible Common Equity Ratio (non-GAAP)

A/B

 

6.90%

 

7.19%

 

7.08%

 

7.09%

 

6.99%

Actual Diluted Shares Outstanding (GAAP)

C

 

16,949

 

16,874

 

16,855

 

17,254

 

17,226

Tangible Book Value per Diluted Share (non-GAAP)

A/C

$

11.23

$

11.37

$

11.27

$

11.13

$

11.00

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

EARNINGS HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Dollars in thousands, except per share data)

 

Dec 31, 2016

 

Sep 30, 2016

 

Dec 31, 2015

 

Dec 31, 2016

 

Dec 31, 2015

EARNINGS

 

 

 

 

 

 

 

 

 

 

Net Income

$

3,296

$

2,873

$

2,602

$

11,746

$

9,116

Diluted Net Income Per Share

$

0.20

$

0.17

$

0.16

$

0.69

$

0.53

PERFORMANCE

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

0.48%

 

0.42%

 

0.39%

 

0.43%

 

0.34%

Return on Average Equity

 

4.70%

 

4.12%

 

3.74%

 

4.22%

 

3.31%

Net Interest Margin

 

3.34%

 

3.23%

 

3.37%

 

3.25%

 

3.31%

Noninterest Income as % of Operating Revenue

 

38.91%

 

40.24%

 

40.05%

 

40.78%

 

41.47%

Efficiency Ratio

 

83.23%

 

85.92%

 

85.11%

 

85.34%

 

87.94%

CAPITAL ADEQUACY

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

 

15.51%

 

15.48%

 

16.42%

 

15.51%

 

16.42%

Total Capital

 

16.28%

 

16.28%

 

17.25%

 

16.28%

 

17.25%

Tangible Common Equity (1)

 

6.90%

 

7.19%

 

6.99%

 

6.90%

 

6.99%

Leverage

 

10.23%

 

10.12%

 

10.65%

 

10.23%

 

10.65%

Common Equity Tier 1

 

12.61%

 

12.55%

 

12.84%

 

12.61%

 

12.84%

Equity to Assets

 

9.67%

 

10.05%

 

9.81%

 

9.67%

 

9.81%

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Allowance as % of Non-Performing Loans

 

157.40%

 

159.56%

 

135.40%

 

157.40%

 

135.40%

Allowance as a % of Loans

 

0.86%

 

0.88%

 

0.93%

 

0.86%

 

0.93%

Net Charge-Offs as % of Average Loans

 

0.20%

 

(0.02)%

 

0.34%

 

0.09%

 

0.35%

Nonperforming Assets as % of Loans and ORE

 

1.21%

 

1.35%

 

1.94%

 

1.21%

 

1.94%

Nonperforming Assets as % of Total Assets

 

0.67%

 

0.78%

 

1.06%

 

0.67%

 

1.06%

STOCK PERFORMANCE

 

 

 

 

 

 

 

 

 

 

High

$

23.15

$

15.35

$

16.05

$

23.15

$

16.33

Low

 

14.29

 

13.32

 

13.56

 

12.83

 

13.16

Close

$

20.48

$

14.77

$

15.35

$

20.48

$

15.35

Average Daily Trading Volume

 

23,371

 

19,696

 

19,500

 

21,473

 

21,073

 

 

 

 

 

 

 

 

 

 

 

(1)  Tangible common equity ratio is a non-GAAP financial measure.  For additional information, including a reconciliation to GAAP, refer to

      page 4.

 

 

 

 

 

 

 

 

 

 

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

(Dollars in thousands)

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

ASSETS

 

 

 

 

 

 

 

 

 

 

Cash and Due From Banks

$

48,268

$

79,608

$

51,766

$

45,914

$

51,288

Funds Sold and Interest Bearing Deposits

 

247,779

 

144,576

 

220,719

 

304,908

 

327,617

Total Cash and Cash Equivalents

 

296,047

 

224,184

 

272,485

 

350,822

 

378,905

 

 

 

 

 

 

 

 

 

 

 

Investment Securities Available for Sale

 

522,734

 

500,139

 

485,848

 

462,444

 

451,028

Investment Securities Held to Maturity

 

177,365

 

189,928

 

204,474

 

187,079

 

187,892

   Total Investment Securities

 

700,099

 

690,067

 

690,322

 

649,523

 

638,920

 

 

 

 

 

 

 

 

 

 

 

Loans Held for Sale

 

10,886

 

10,510

 

12,046

 

10,475

 

11,632

 

 

 

 

 

 

 

 

 

 

 

Loans, Net of Unearned Interest

 

 

 

 

 

 

 

 

 

 

Commercial, Financial, & Agricultural

 

216,404

 

223,278

 

207,105

 

183,681

 

179,816

Real Estate - Construction

 

58,443

 

54,107

 

46,930

 

42,538

 

46,484

Real Estate - Commercial

 

503,978

 

497,775

 

485,329

 

503,259

 

499,813

Real Estate - Residential

 

272,895

 

276,193

 

280,015

 

285,772

 

285,748

Real Estate - Home Equity

 

236,512

 

235,433

 

235,394

 

234,128

 

233,901

Consumer

 

262,735

 

258,173

 

252,347

 

245,197

 

240,434

Other Loans

 

8,614

 

10,875

 

11,177

 

10,297

 

4,837

Overdrafts

 

1,708

 

1,678

 

2,177

 

1,963

 

1,242

Total Loans, Net of Unearned Interest

 

1,561,289

 

1,557,512

 

1,520,474

 

1,506,835

 

1,492,275

Allowance for Loan Losses

 

(13,431)

 

(13,744)

 

(13,677)

 

(13,613)

 

(13,953)

Loans, Net

 

1,547,858

 

1,543,768

 

1,506,797

 

1,493,222

 

1,478,322

 

 

 

 

 

 

 

 

 

 

 

Premises and Equipment, Net

 

95,476

 

96,499

 

97,313

 

98,029

 

98,819

Goodwill

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Other Real Estate Owned

 

10,638

 

12,738

 

14,622

 

17,450

 

19,290

Other Assets

 

99,382

 

90,577

 

89,240

 

87,854

 

87,161

Total Other Assets

 

290,307

 

284,625

 

285,986

 

288,144

 

290,081

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

2,845,197

$

2,753,154

$

2,767,636

$

2,792,186

$

2,797,860

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Deposits

$

791,182

$

801,671

$

798,219

$

790,040

$

758,283

NOW Accounts

 

904,014

 

793,363

 

804,263

 

786,432

 

848,330

Money Market Accounts

 

252,800

 

257,004

 

259,813

 

254,682

 

248,367

Regular Savings Accounts

 

304,680

 

298,682

 

294,432

 

286,807

 

269,162

Certificates of Deposit

 

159,610

 

164,387

 

168,079

 

173,447

 

178,707

Total Deposits

 

2,412,286

 

2,315,107

 

2,324,806

 

2,291,408

 

2,302,849

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

12,749

 

12,113

 

9,609

 

62,922

 

61,058

Subordinated Notes Payable

 

52,887

 

52,887

 

52,887

 

62,887

 

62,887

Other Long-Term Borrowings

 

14,881

 

21,368

 

26,401

 

27,062

 

28,265

Other Liabilities

 

77,226

 

75,055

 

79,109

 

71,074

 

68,449

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

2,570,029

 

2,476,530

 

2,492,812

 

2,515,353

 

2,523,508

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS' EQUITY

 

 

 

 

 

 

 

 

 

 

Common Stock

 

168

 

168

 

168

 

172

 

172

Additional Paid-In Capital

 

34,188

 

33,152

 

32,855

 

38,671

 

38,256

Retained Earnings

 

267,037

 

264,581

 

262,380

 

259,139

 

258,181

Accumulated Other Comprehensive Loss, Net of Tax

 

(26,225)

 

(21,277)

 

(20,579)

 

(21,149)

 

(22,257)

 

 

 

 

 

 

 

 

 

 

 

Total Shareowners' Equity

 

275,168

 

276,624

 

274,824

 

276,833

 

274,352

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareowners' Equity

$

2,845,197

$

2,753,154

$

2,767,636

$

2,792,186

$

2,797,860

 

 

 

 

 

 

 

 

 

 

 

OTHER BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

Earning Assets

$

2,520,053

$

2,402,664

$

2,443,561

$

2,471,741

$

2,470,445

Interest Bearing Liabilities

 

1,701,621

 

1,599,804

 

1,615,484

 

1,654,239

 

1,696,776

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Diluted Share

$

16.23

$

16.39

$

16.31

$

16.04

$

15.93

Tangible Book Value Per Diluted Share(1)

 

11.23

 

11.37

 

11.27

 

11.13

 

11.00

 

 

 

 

 

 

 

 

 

 

 

Actual Basic Shares Outstanding

 

16,845

 

16,807

 

16,804

 

17,222

 

17,157

Actual Diluted Shares Outstanding

 

16,949

 

16,874

 

16,855

 

17,254

 

17,226

 

 

 

 

 

 

 

 

 

 

 

(1)  Tangible book value per diluted share is a non-GAAP financial measure.  For additional information, including a reconciliation to GAAP, refer to page 4.

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

2016

 

2015

 

December 31,

(Dollars in thousands, except per share data)

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans

$

18,671

$

18,046

$

18,105

$

18,045

$

18,861

$

72,867

$

73,169

Investment Securities

 

1,949

 

1,846

 

1,751

 

1,637

 

1,572

 

7,183

 

5,857

Funds Sold

 

212

 

212

 

318

 

362

 

169

 

1,104

 

632

Total Interest Income

 

20,832

 

20,104

 

20,174

 

20,044

 

20,602

 

81,154

 

79,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

224

 

223

 

211

 

221

 

219

 

879

 

944

Short-Term Borrowings

 

57

 

43

 

38

 

10

 

9

 

148

 

59

Subordinated Notes Payable

 

363

 

341

 

343

 

387

 

354

 

1,434

 

1,368

Other Long-Term Borrowings

 

129

 

177

 

206

 

216

 

226

 

728

 

936

Total Interest Expense

 

773

 

784

 

798

 

834

 

808

 

3,189

 

3,307

Net Interest Income

 

20,059

 

19,320

 

19,376

 

19,210

 

19,794

 

77,965

 

76,351

Provision for Loan Losses

 

464

 

-

 

(97)

 

452

 

513

 

819

 

1,594

Net Interest Income after Provision for

  Loan Losses

 

19,595

 

19,320

 

19,473

 

18,758

 

19,281

 

77,146

 

74,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Fees

 

5,238

 

5,373

 

5,321

 

5,400

 

5,664

 

21,332

 

22,608

Bank Card Fees

 

2,754

 

2,759

 

2,855

 

2,853

 

2,866

 

11,221

 

11,278

Wealth Management Fees

 

1,773

 

1,774

 

1,690

 

1,792

 

1,893

 

7,029

 

7,533

Mortgage Banking Fees

 

1,392

 

1,503

 

1,267

 

1,030

 

1,043

 

5,192

 

4,539

Other

 

1,621

 

1,602

 

4,082

 

1,602

 

1,755

 

8,907

 

8,133

Total Noninterest Income

 

12,778

 

13,011

 

15,215

 

12,677

 

13,221

 

53,681

 

54,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation

 

16,699

 

15,993

 

16,051

 

16,241

 

15,833

 

64,984

 

65,414

Occupancy, Net

 

4,519

 

4,734

 

4,584

 

4,459

 

4,638

 

18,296

 

17,738

Other Real Estate, Net

 

343

 

821

 

1,060

 

1,425

 

1,241

 

3,649

 

4,971

Other

 

5,999

 

6,474

 

7,007

 

6,805

 

6,568

 

26,285

 

27,150

Total Noninterest Expense

 

27,560

 

28,022

 

28,702

 

28,930

 

28,280

 

113,214

 

115,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

4,813

 

4,309

 

5,986

 

2,505

 

4,222

 

17,613

 

13,575

Income Tax Expense

 

1,517

 

1,436

 

2,056

 

858

 

1,620

 

5,867

 

4,459

NET INCOME

$

3,296

$

2,873

$

3,930

$

1,647

$

2,602

$

11,746

$

9,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Net Income

$

0.20

$

0.17

$

0.22

$

0.10

$

0.16

$

0.69

$

0.53

Diluted Net Income

 

0.20

 

0.17

 

0.22

 

0.10

 

0.16

 

0.69

 

0.53

Cash Dividend

$

0.05

$

0.04

$

0.04

$

0.04

$

0.04

$

0.17

$

0.13

AVERAGE SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic 

 

16,809

 

16,804

 

17,144

 

17,202

 

17,145

 

16,989

 

17,273

Diluted 

 

16,913

 

16,871

 

17,196

 

17,235

 

17,214

 

17,061

 

17,318

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AND RISK ELEMENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

2016

 

2015

 

December 31,

(Dollars in thousands, except per share data)

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

$

13,744

$

13,677

$

13,613

$

13,953

$

14,737

$

13,953

$

17,539

Provision for Loan Losses

 

464

 

-

 

(97)

 

452

 

513

 

819

 

1,594

Net Charge-Offs (Recoveries)

 

777

 

(67)

 

(161)

 

792

 

1,297

 

1,341

 

5,180

Balance at End of Period

$

13,431

$

13,744

$

13,677

$

13,613

$

13,953

$

13,431

$

13,953

As a % of Loans

 

0.86%

 

0.88%

 

0.89%

 

0.90%

 

0.93%

 

0.86%

 

0.93%

As a % of Nonperforming Loans

 

157.40%

 

159.56%

 

166.50%

 

150.44%

 

135.40%

 

157.40%

 

135.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHARGE-OFFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, Financial and Agricultural

$

377

$

143

$

304

$

37

$

135

$

861

$

1,029

Real Estate - Construction

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Real Estate - Commercial

 

70

 

5

 

-

 

274

 

87

 

349

 

1,250

Real Estate - Residential

 

120

 

96

 

205

 

478

 

587

 

899

 

1,852

Real Estate - Home Equity

 

38

 

51

 

146

 

215

 

397

 

450

 

1,403

Consumer

 

771

 

479

 

438

 

439

 

656

 

2,127

 

1,901

Total Charge-Offs

$

1,376

$

774

$

1,093

$

1,443

$

1,862

$

4,686

$

7,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECOVERIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, Financial and Agricultural

$

50

$

199

$

49

$

39

$

57

$

337

$

239

Real Estate - Construction

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Real Estate - Commercial

 

45

 

45

 

237

 

81

 

13

 

408

 

183

Real Estate - Residential

 

277

 

139

 

579

 

236

 

264

 

1,231

 

705

Real Estate - Home Equity

 

32

 

237

 

81

 

59

 

37

 

409

 

136

Consumer

 

195

 

221

 

308

 

236

 

194

 

960

 

992

Total Recoveries

$

599

$

841

$

1,254

$

651

$

565

$

3,345

$

2,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CHARGE-OFFS (RECOVERIES)

$

777

$

(67)

$

(161)

$

792

$

1,297

$

1,341

$

5,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs as a % of Average Loans (1)

 

0.20%

 

(0.02)%

 

(0.04)%

 

0.21%

 

0.34%

 

0.09%

 

0.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RISK ELEMENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccruing Loans

$

8,533

$

8,614

$

8,214

$

9,049

$

10,305

 

 

 

 

Other Real Estate Owned

 

10,638

 

12,738

 

14,622

 

17,450

 

19,290

 

 

 

 

Total Nonperforming Assets

$

19,171

$

21,352

$

22,836

$

26,499

$

29,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans 30-89 Days

$

6,438

$

5,667

$

3,872

$

3,599

$

5,775

 

 

 

 

Past Due Loans 90 Days or More

 

-

 

-

 

-

 

-

 

-

 

 

 

 

Classified Loans

 

41,507

 

43,228

 

45,058

 

49,780

 

53,551

 

 

 

 

Performing Troubled Debt Restructuring's

$

38,233

$

35,046

$

35,526

$

36,700

$

35,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans as a % of Loans

 

0.54%

 

0.55%

 

0.54%

 

0.60%

 

0.69%

 

 

 

 

Nonperforming Assets as a % of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Loans and Other Real Estate

 

1.21%

 

1.35%

 

1.48%

 

1.73%

 

1.94%

 

 

 

 

Nonperforming Assets as a % of

  Total Assets

 

0.67%

 

0.78%

 

0.83%

 

0.95%

 

1.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE AND INTEREST RATES(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter 2016

 

 

Third Quarter 2016

 

 

Second Quarter 2016

 

 

First Quarter 2016

 

 

Fourth Quarter 2015

 

 

Dec 2016 YTD

 

 

Dec 2015 YTD

 

(Dollars in thousands)

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

 

Average

Balance

 

Interest

 

Average

Rate

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, Net of Unearned Interest

$

1,573,264

 

18,827

 

4.76

%

$

1,555,889

 

18,216

 

4.66

%

$

1,531,777

 

18,233

 

4.79

%

$

1,507,508

 

18,141

 

4.84

%

$

1,492,521

 

18,952

 

5.04

%

$

1,542,232

 

73,417

 

4.76

%

$

1,474,833

 

73,436

 

4.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Investment Securities

 

614,560

 

1,726

 

1.12

 

 

606,606

 

1,632

 

1.07

 

 

571,343

 

1,539

 

1.08

 

 

552,092

 

1,420

 

1.03

 

 

544,542

 

1,365

 

0.99

 

 

586,284

 

6,317

 

1.08

 

 

530,297

 

5,223

 

0.98

 

Tax-Exempt Investment Securities

 

90,046

 

343

 

1.52

 

 

89,241

 

327

 

1.47

 

 

90,030

 

325

 

1.44

 

 

94,951

 

332

 

1.40

 

 

93,838

 

328

 

1.40

 

 

91,059

 

1,327

 

1.46

 

 

81,748

 

1,005

 

1.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Securities

 

704,606

 

2,069

 

1.17

 

 

695,847

 

1,959

 

1.12

 

 

661,373

 

1,864

 

1.13

 

 

647,043

 

1,752

 

1.09

 

 

638,380

 

1,693

 

1.05

 

 

677,343

 

7,644

 

1.13

 

 

612,045

 

6,228

 

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Sold

 

145,518

 

212

 

0.58

 

 

166,207

 

212

 

0.51

 

 

254,627

 

318

 

0.50

 

 

286,167

 

362

 

0.51

 

 

222,828

 

169

 

0.30

 

 

212,817

 

1,104

 

0.52

 

 

237,976

 

632

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earning Assets

 

2,423,388

$

21,108

 

3.47

%

 

2,417,943

$

20,387

 

3.35

%

 

2,447,777

$

20,415

 

3.35

%

 

2,440,718

$

20,255

 

3.34

%

 

2,353,729

$

20,814

 

3.51

%

 

2,432,392

$

82,165

 

3.38

%

 

2,324,854

$

80,296

 

3.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Due From Banks

 

50,207

 

 

 

 

 

 

45,139

 

 

 

 

 

 

46,605

 

 

 

 

 

 

47,834

 

 

 

 

 

 

45,875

 

 

 

 

 

 

47,447

 

 

 

 

 

 

48,195

 

 

 

 

 

Allowance for Loan Losses

 

(14,017)

 

 

 

 

 

 

(14,052)

 

 

 

 

 

 

(14,254)

 

 

 

 

 

 

(13,999)

 

 

 

 

 

 

(14,726)

 

 

 

 

 

 

(14,080)

 

 

 

 

 

 

(15,876)

 

 

 

 

 

Other Assets

 

283,885

 

 

 

 

 

 

285,435

 

 

 

 

 

 

287,726

 

 

 

 

 

 

289,193

 

 

 

 

 

 

293,336

 

 

 

 

 

 

286,550

 

 

 

 

 

 

302,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

2,743,463

 

 

 

 

 

$

2,734,465

 

 

 

 

 

$

2,767,854

 

 

 

 

 

$

2,763,746

 

 

 

 

 

$

2,678,214

 

 

 

 

 

$

2,752,309

 

 

 

 

 

$

2,659,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW Accounts

$

782,518

$

78

 

0.04

%

$

774,899

$

78

 

0.04

%

$

762,667

$

67

 

0.04

%

$

798,996

$

69

 

0.03

%

$

725,538

$

62

 

0.03

%

$

779,764

$

292

 

0.04

%

$

747,297

$

254

 

0.03

%

Money Market Accounts

 

257,398

 

31

 

0.05

 

 

258,183

 

30

 

0.05

 

 

257,000

 

30

 

0.05

 

 

252,446

 

29

 

0.05

 

 

259,091

 

30

 

0.05

 

 

256,265

 

120

 

0.05

 

 

257,920

 

134

 

0.05

 

Savings Accounts

 

303,006

 

37

 

0.05

 

 

297,172

 

37

 

0.05

 

 

291,210

 

36

 

0.05

 

 

277,745

 

34

 

0.05

 

 

266,468

 

33

 

0.05

 

 

292,326

 

144

 

0.05

 

 

255,397

 

126

 

0.05

 

Time Deposits

 

161,859

 

78

 

0.19

 

 

165,324

 

78

 

0.19

 

 

170,837

 

78

 

0.19

 

 

177,057

 

89

 

0.20

 

 

180,124

 

94

 

0.21

 

 

168,741

 

323

 

0.19

 

 

186,944

 

430

 

0.23

 

Total Interest Bearing Deposits

 

1,504,781

 

224

 

0.06

%

 

1,495,578

 

223

 

0.06

%

 

1,481,714

-

211

 

0.06

%

 

1,506,244

-

221

 

0.06

%

 

1,431,221

 

219

 

0.06

%

 

1,497,096

 

879

 

0.06

%

 

1,447,558

 

944

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

14,768

 

57

 

1.54

%

 

12,162

 

43

 

1.39

%

 

53,691

 

38

 

0.28

%

 

66,938

 

10

 

0.06

%

 

68,093

 

9

 

0.06

%

 

36,762

 

148

 

0.40

%

 

58,481

 

59

 

0.10

%

Subordinated Notes Payable

 

52,887

 

363

 

2.68

 

 

52,887

 

341

 

2.52

 

 

54,316

 

343

 

2.50

 

 

62,887

 

387

 

2.43

 

 

62,887

 

354

 

2.20

 

 

55,729

 

1,434

 

2.53

 

 

62,887

 

1,368

 

2.14

 

Other Long-Term Borrowings

 

17,473

 

129

 

2.93

 

 

23,629

 

177

 

2.98

 

 

26,721

 

206

 

3.11

 

 

27,769

 

216

 

3.12

 

 

28,618

 

226

 

3.14

 

 

23,880

 

728

 

3.05

 

 

29,698

 

936

 

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Liabilities

 

1,589,909

$

773

 

0.20

%

 

1,584,256

$

784

 

0.20

%

 

1,616,442

$

798

 

0.20

%

 

1,663,838

$

834

 

0.20

%

 

1,590,819

$

808

 

0.20

%

 

1,613,467

$

3,189

 

0.20

%

 

1,598,624

$

3,307

 

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Deposits

 

802,136

 

 

 

 

 

 

793,163

 

 

 

 

 

 

794,839

 

 

 

 

 

 

752,356

 

 

 

 

 

 

743,497

 

 

 

 

 

 

785,689

 

 

 

 

 

 

715,883

 

 

 

 

 

Other Liabilities

 

72,475

 

 

 

 

 

 

79,639

 

 

 

 

 

 

77,041

 

 

 

 

 

 

70,088

 

 

 

 

 

 

68,005

 

 

 

 

 

 

74,818

 

 

 

 

 

 

69,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

2,464,520

 

 

 

 

 

 

2,457,058

 

 

 

 

 

 

2,488,322

 

 

 

 

 

 

2,486,282

 

 

 

 

 

 

2,402,321

 

 

 

 

 

 

2,473,974

 

 

 

 

 

 

2,384,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS' EQUITY:

 

278,943

 

 

 

 

 

 

277,407

 

 

 

 

 

 

279,532

 

 

 

 

 

 

277,464

 

 

 

 

 

 

275,893

 

 

 

 

 

 

278,335

 

 

 

 

 

 

275,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareowners' Equity

$

2,743,463

 

 

 

 

 

$

2,734,465

 

 

 

 

 

$

2,767,854

 

 

 

 

 

$

2,763,746

 

 

 

 

 

$

2,678,214

 

 

 

 

 

$

2,752,309

 

 

 

 

 

$

2,659,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Spread

 

 

$

20,335

 

3.27

%

 

 

$

19,603

 

3.15

%

 

 

$

19,617

 

3.15

%

 

 

$

19,421

 

3.14

%

 

 

$

20,006

 

3.31

%

 

 

$

78,976

 

3.18

%

 

 

$

76,989

 

3.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income and Rate Earned(1)

 

 

 

21,108

 

3.47

 

 

 

 

20,387

 

3.35

 

 

 

 

20,415

 

3.35

 

 

 

 

20,255

 

3.34

 

 

 

 

20,814

 

3.51

 

 

 

 

82,165

 

3.38

 

 

 

 

80,296

 

3.45

 

Interest Expense and Rate Paid(2)

 

 

 

773

 

0.13

 

 

 

 

784

 

0.13

 

 

 

 

798

 

0.13

 

 

 

 

834

 

0.14

 

 

 

 

808

 

0.14

 

 

 

 

3,189

 

0.13

 

 

 

 

3,307

 

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

 

$

20,335

 

3.34

%

 

 

$

19,603

 

3.23

%

 

 

$

19,617

 

3.22

%

 

 

$

19,421

 

3.20

%

 

 

$

20,006

 

3.37

%

 

 

$

78,976

 

3.25

%

 

 

$

76,989

 

3.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)   Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)  Rate calculated based on average earning assets.