Capital City Bank Group, Inc.

Reports Third Quarter 2017 Results

 

TALLAHASSEE, Fla. (October 24, 2017) – Capital City Bank Group, Inc. (Nasdaq: CCBG) today reported net income of $4.6 million, or $0.27 per diluted share for the third quarter of 2017 compared to net income of $3.6 million, or $0.21 per diluted share for the second quarter of 2017, and $2.9 million, or $0.17 per diluted share, for the third quarter of 2016.  For the first nine months of 2017, net income totaled $10.9 million, or $0.64 per diluted share, compared to net income of $8.4 million, or $0.49 per diluted share for the same period in 2016.       

 

HIGHLIGHTS

·   Earnings per share grew 29% sequentially and 31% over prior year to date

·   Significant improvement in operating leverage driven by margin expansion and expense reduction

-       Net interest income up 3.7% sequentially and 6.2% over prior year to date

-       Average loan growth of 1.9% sequentially and 5.2% over prior year to date

-       Noninterest expense down 4.3% sequentially and 3.6% from prior year to date

·   NPAs down 21% sequentially and 35% from year-end 2016

 

“We delivered another quarter of strong results through a persistent focus on growing our loan portfolio and managing expenses. Given our asset-sensitive balance sheet, the higher rate environment has produced strong growth in our margin. We continue to manage our credit risk in line with our commitment to responsible growth in the markets we serve.  Lower expenses reflect our sustained focus on streamlining our operations.  The possibilities for the future are exciting as we execute on initiatives that provide shareowner value and enhance performance.”

 

Compared to the second quarter of 2017, the increase in earnings reflected higher net interest income of $0.8 million, a $1.2 million decrease in noninterest expense, and a $0.1 million reduction in the loan loss provision, partially offset by higher income taxes of $1.0 million and a $0.1 million decrease in noninterest income.

 

Compared to the third quarter of 2016, performance reflected higher net interest income of $1.9 million and a $1.3 million decrease in noninterest expense, partially offset by higher income taxes of $1.1 million and a $0.4 million increase in the loan loss provision.

 

The increase in earnings for the first nine months of 2017 versus the comparable period in 2016 was attributable to higher net interest income of $3.6 million and a $3.1 million reduction in noninterest expense, partially offset by lower noninterest income of $2.0 million, a $1.2 million increase in income taxes, and a $1.0 million increase in the loan loss provision.

 

Our return on average assets (“ROA”) was 0.65% and our return on average equity (“ROE”) was 6.33% for the third quarter of 2017.  These metrics were 0.51% and 5.07% for the second quarter of 2017, respectively, and 0.42% and 4.12% for the third quarter of 2016, respectively.  For the first nine months of 2017, our ROA was 0.52% and our ROE was 5.15% compared to 0.41% and 4.06%, respectively, for the same period in 2016.

 

Discussion of Operating Results

 

Tax equivalent net interest income for the third quarter of 2017 was $21.6 million compared to $20.8 million for the second quarter of 2017 and $19.6 million for the third quarter of 2016.  The increase in tax equivalent net interest income compared to both prior periods reflected a favorable shift in the earning asset mix and improved yields, partially offset by higher rates paid on negotiated rate deposits. Also, as compared to the second quarter of 2017, there was one additional calendar day.  For the first nine months of 2017, tax equivalent net interest income totaled $62.4 million compared to $58.6 million for the comparable period in 2016.  The year over year increase was driven by growth in the loan and investment portfolios, coupled with higher short-term rates, partially offset by a higher rate paid on negotiated rate deposits and one less calendar day as 2016 was a Leap Year.

 

The overnight funds rate has increased four times since December 2015, positively affecting our net interest income due to favorable repricing of our variable and adjustable rate earning assets.  Although these rate increases have also resulted in higher rates paid on our negotiated rate deposit products, we continue to monitor and manage our overall cost of funds, which was 17 basis points in the third quarter of 2017, and 15 basis points for the full year.  Despite highly competitive loan pricing across most markets, the yield of the overall loan portfolio has increased quarter-over-quarter.

 

Our net interest margin for the third quarter of 2017 was 3.48%, an increase of 15 basis points over the second quarter of 2017 and an increase of 25 basis points over the third quarter of 2016.  For the first nine months of 2017, the net interest margin increased 12 basis points to 3.34% compared to the same period in 2016.  The increase in the margin as compared to all respective periods reflects rising interest rates and a favorable shift in our earning asset mix, which has produced higher net interest income in each period. 

 

 


 

The provision for loan losses for the third quarter of 2017 was $0.5 million compared to $0.6 million for the second quarter of 2017 and no provision for the third quarter of 2016.  For the first nine months of 2017, the loan loss provision totaled $1.4 million compared to $0.4 million for the same period in 2016.  The increase in the loan loss provision compared to the prior year was primarily attributable to growth in the loan portfolio.  At September 30, 2017, the allowance for loan losses was $13.3 million, or 0.82% of outstanding loans (net of overdrafts) and provided coverage of 203% of nonperforming loans compared to 0.81% and 166%, respectively, at June 30, 2017 and 0.86% and 157%, respectively, at December 31, 2016.

 

Noninterest income for the third quarter of 2017 totaled $13.0 million, a decrease of $0.1 million, or 1.1%, from the second quarter of 2017, and unchanged from the third quarter of 2016.  For the first nine months of 2017, noninterest income totaled $38.8 million, a $2.0 million, or 5.0%, decrease from the same period in 2016, primarily due to lower other income of $2.5 million and deposit fees of $0.8 million, partially offset by higher wealth management fees of $0.9 million and mortgage banking fees of $0.5 million.  The decrease in other income was attributable to a $2.5 million gain from the partial retirement of our trust preferred securities (“TRUPs”) in the second quarter of 2016.  Growth in assets under management as well as improved sales efforts have resulted in strong growth in wealth management fees.  Third quarter 2017 wealth management fees reflected a large account booked during the quarter that contributed $0.2 million in gross fees.  Continued strong home sales in our markets and a growing market share of residential loan production have driven the improvement in mortgage banking fees.       

 

Noninterest expense for the third quarter of 2017 totaled $26.7 million, a decrease of $1.2 million, or 4.3%, from the second quarter of 2017, and a $1.3 million, or 4.7%, decline from the third quarter of 2016.  Lower other real estate owned (“OREO”) expense and other expense drove the reduction from both prior periods.  The reduction in OREO expense reflected a higher level of gains recognized on the sale of OREO properties.  The decrease in other expense was attributable to lower advertising expense, legal expense, professional fees, and processing fees.  For the first nine months of 2017, noninterest expense totaled $82.6 million, a decrease of $3.1 million, or 3.6%, from the same period in 2016 primarily attributable to lower OREO expense of $2.5 million, other expense of $1.1 million, and occupancy expense of $0.3 million that was partially offset by higher compensation expense of $0.8 million.  All OREO expense categories (gain/loss on sale, carrying costs, and valuation adjustments) continue to improve as we liquidate our remaining properties.  Continued reduction in legal expense and FDIC insurance expense drove the decline in other expense.  The decrease in occupancy expense reflected our continuing efforts to optimize our banking office structure.  The increase in compensation expense was primarily due to higher stock compensation expense related to higher pay-out values reflective of improving financial performance.  Higher pension plan expense contributed to a lesser extent and was attributable to utilization of a lower discount rate for plan liabilities.  

 

We realized income tax expense of $2.5 million (35% effective rate) for the third quarter of 2017 compared to $1.6 million (30% effective rate) for the second quarter of 2017 and $1.4 million (33% effective rate) for the third quarter of 2016.  The lower effective tax rate for the second quarter of 2017 reflected income tax benefits realized in connection with stock based compensation awards.  For the first nine months of 2017, income tax expense totaled $5.5 million (34% effective rate) compared to $4.3 million (34% effective rate) for the comparable period in 2016.

 

Discussion of Financial Condition

 

Average earning assets were $2.466 billion for the third quarter of 2017, a decrease of $35.7 million, or 1.4%, from the second quarter of 2017, and an increase of $42.9 million, or 1.8%, over the fourth quarter of 2016.  The decline in earning assets compared to the second quarter 2017 was attributable to decreases in our short-term investments, partially offset by growth in our loan portfolio. The increase in earning assets compared to the fourth quarter 2016 was primarily due to growth in the loan portfolio, partially offset by a decline in total investment securities. The decline in the level of our short-term investments (which consists primarily of overnight funds) during the third quarter was mostly attributable to the seasonality of our public fund deposits.

 

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $140.7 million during the third quarter of 2017 compared to an average net overnight funds sold position of $200.8 million in the second quarter of 2017 and $145.5 million in the fourth quarter of 2016. The decrease in net overnight funds compared to the second quarter of 2017 reflected growth in our loan portfolio and declines in public fund balances. The decrease in net overnight funds compared to the fourth quarter of 2016 primarily reflected higher levels of loan growth, partially offset by increases in noninterest bearing deposits and savings accounts. 

 

Average loans increased $29.9 million, or 1.9% compared to the second quarter of 2017, and have grown $65.3 million, or 4.2% compared to the fourth quarter of 2016.  Increases over both prior periods reflected growth in all loans types except commercial loans and home equity loans.  We have acquired three loan pools during 2017, including $18.3 million of adjustable rate residential loans in the first quarter, $16.4 million of fixed and adjustable commercial real estate loans in the second quarter, and $8.5 million of adjustable residential real estate loans in the third quarter.  The loans were individually reviewed and evaluated in accordance with our credit underwriting standards.

 

 


 

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 $12.5 million at September 30, 2017, a decrease of $3.4 million, or 21%, from June 30, 2017 and $6.6 million, or 35%, from December 31, 2016.  Nonaccrual loans totaled $6.6 million at September 30, 2017, a $1.4 million decrease from June 30, 2017 and a $2.0 million decrease from December 31, 2016.  The balance of OREO totaled $6.0 million at September 30, 2017, a decrease of $2.0 million from June 30, 2017 and $4.6 million from December 31, 2016.  Nonperforming assets represented 0.45% of total assets at September 30, 2017 compared to 0.57% at June 30, 2017 and 0.67% at December 31, 2016.

 

Average total deposits were $2.329 billion for the third quarter of 2017, a decrease of $44.3 million, or 1.9%, from the second quarter of 2017, and an increase of $22.2 million, or 1.0% over the fourth quarter of 2016.  The decline in average deposits compared to the second quarter of 2017 reflected lower public NOW account and certificates of deposit balances, partially offset by increases in all other deposit types. The increase over the fourth quarter 2016 reflects higher levels of noninterest bearing deposits, savings accounts, and money market accounts, partially offset by declines in public NOW accounts and certificates of deposit.  The seasonal inflows of public funds peaked in the first quarter of 2017 for this cycle, and are expected to decline into the fourth quarter of 2017.

 

Deposit levels remain strong, as the seasonal decline in public NOW accounts was partially offset by increases in all other non-maturity deposits during the quarter.  Average core deposits continue to experience growth as rates have increased from historical lows.  We continue to monitor our overall liquidity position and deposit rates as we believe that a prudent pricing discipline remains the key to managing our mix of deposits.

 

Compared to the second quarter of 2017, average borrowings increased $0.3 million due to an increase in the balance of repurchase agreements, partially offset by a decline in long-term borrowings.  Compared to the fourth quarter of 2016, average borrowings decreased by $6.9 million primarily driven by FHLB pay-downs of matched funded advances. 

 

Shareowners’ equity was $285.2 million at September 30, 2017, compared to $281.5 million at June 30, 2017 and $275.2 million at December 31, 2016.  Our leverage ratio was 10.48%, 10.20%, and 10.23%, respectively, for these periods.  Further, at September 30, 2017, our risk-adjusted capital ratio was 16.96% compared to 16.32% and 16.28% at June 30, 2017 and December 31, 2016, respectively.  Our common equity tier 1 ratio was 13.26% at September 30, 2017, compared to 12.72% at June 30, 2017 and 12.61% at December 31, 2016.  All of our capital ratios exceeded the threshold to be designated as “well-capitalized” under the Basel III capital standards.

 

About Capital City Bank Group, Inc.

 

Capital City Bank Group, Inc. (Nasdaq: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $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, and securities brokerage services.  Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 60 banking offices and 73 ATMs in Florida, Georgia and Alabama.  For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

 

FORWARD-LOOKING STATEMENTS

 

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause 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, 2016, 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 MEASURES

 

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

 

(Dollars in Thousands)

 

Sep 30, 2017

Jun 30, 2017

Mar 31, 2017

Dec 31, 2016

Sep 30, 2016

Shareowners' Equity (GAAP)

 

$

285,201

$

281,513

$

278,059

$

275,168

$

276,624

Less: Goodwill (GAAP)

 

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Tangible Shareowners' Equity (non-GAAP)

A

 

200,390

 

196,702

 

193,248

 

190,357

 

191,813

Total Assets (GAAP)

 

 

2,790,842

 

2,814,843

 

2,895,531

 

2,845,197

 

2,753,154

Less: Goodwill (GAAP)

 

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Tangible Assets (non-GAAP)

B

$

2,706,031

$

2,730,032

$

2,810,720

$

2,760,386

$

2,668,343

Tangible Common Equity Ratio (non-GAAP)

A/B

 

7.41%

 

7.21%

 

6.88%

 

6.90%

 

7.19%

Actual Diluted Shares Outstanding (GAAP)

C

 

17,045

 

17,025

 

16,979

 

16,949

 

16,874

Tangible Book Value per Diluted Share (non-GAAP)

A/C

$

11.76

$

11.55

$

11.38

$

11.23

$

11.37

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

EARNINGS HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

(Dollars in thousands, except per share data)

 

Sep 30, 2017

 

Jun 30, 2017

 

Sep 30, 2016

 

Sep 30, 2017

 

Sep 30, 2016

 

 

 

 

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

Net Income

$

4,555

$

3,561

$

2,873

$

10,860

$

8,450

Net Income Per Common Share

$

0.27

$

0.21

$

0.17

$

0.64

$

0.49

PERFORMANCE

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

0.65%

 

0.51%

 

0.42%

 

0.52%

 

0.41%

Return on Average Equity

 

6.33%

 

5.07%

 

4.12%

 

5.15%

 

4.06%

Net Interest Margin

 

3.48%

 

3.33%

 

3.23%

 

3.34%

 

3.22%

Noninterest Income as % of Operating Revenue

 

37.94%

 

39.05%

 

40.24%

 

38.72%

 

41.40%

Efficiency Ratio

 

77.21%

 

82.28%

 

85.92%

 

81.53%

 

86.05%

CAPITAL ADEQUACY

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital Ratio

 

16.19%

 

15.58%

 

15.48%

 

16.19%

 

15.48%

Total Capital Ratio

 

16.96%

 

16.32%

 

16.28%

 

16.96%

 

16.28%

Tangible Common Equity Ratio

 

7.41%

 

7.21%

 

7.19%

 

7.41%

 

7.19%

Leverage Ratio

 

10.48%

 

10.20%

 

10.12%

 

10.48%

 

10.12%

Common Equity Tier 1 Ratio

 

13.26%

 

12.72%

 

12.55%

 

13.26%

 

12.55%

Equity to Assets

 

10.22%

 

10.00%

 

10.05%

 

10.22%

 

10.05%

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Allowance as % of Non-Performing Loans

 

203.39%

 

166.23%

 

159.56%

 

203.39%

 

159.56%

Allowance as a % of Loans

 

0.82%

 

0.81%

 

0.88%

 

0.82%

 

0.88%

Net Charge-Offs as % of Average Loans

 

0.10%

 

0.17%

 

(0.02)%

 

0.12%

 

0.05%

Nonperforming Assets as % of Loans and ORE

 

0.76%

 

0.97%

 

1.35%

 

0.76%

 

1.35%

Nonperforming Assets as % of Total Assets

 

0.45%

 

0.57%

 

0.78%

 

0.45%

 

0.78%

STOCK PERFORMANCE

 

 

 

 

 

 

 

 

 

 

High

$

24.58

$

22.39

$

15.35

$

24.58

$

15.96

Low

 

19.60

 

17.68

 

13.32

 

17.68

 

12.83

Close

$

24.01

$

20.42

$

14.77

$

24.01

$

14.77

Average Daily Trading Volume

 

29,551

 

23,349

 

19,696

 

25,362

 

20,840

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2016

(Dollars in thousands)

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

ASSETS

 

 

 

 

 

 

 

 

 

 

Cash and Due From Banks

$

50,420

$

72,801

$

47,650

$

48,268

$

79,608

Funds Sold and Interest Bearing Deposits

 

140,694

 

162,377

 

290,897

 

247,779

 

144,576

Total Cash and Cash Equivalents

 

191,114

 

235,178

 

338,547

 

296,047

 

224,184

 

 

 

 

 

 

 

 

 

 

 

Investment Securities Available for Sale

 

510,846

 

529,686

 

541,102

 

522,734

 

500,139

Investment Securities Held to Maturity

 

184,262

 

157,074

 

158,515

 

177,365

 

189,928

   Total Investment Securities

 

695,108

 

686,760

 

699,617

 

700,099

 

690,067

 

 

 

 

 

 

 

 

 

 

 

Loans Held for Sale

 

7,800

 

8,213

 

7,498

 

10,886

 

10,510

 

 

 

 

 

 

 

 

 

 

 

Loans, Net of Unearned Interest

 

 

 

 

 

 

 

 

 

 

Commercial, Financial, & Agricultural

 

215,963

 

213,544

 

214,595

 

216,404

 

223,278

Real Estate - Construction

 

67,813

 

67,331

 

59,938

 

58,443

 

54,107

Real Estate - Commercial

 

527,331

 

519,140

 

503,868

 

503,978

 

497,775

Real Estate - Residential

 

306,272

 

302,072

 

295,406

 

272,895

 

276,193

Real Estate - Home Equity

 

228,499

 

230,995

 

231,300

 

236,512

 

235,433

Consumer

 

273,670

 

269,539

 

268,921

 

262,735

 

258,173

Other Loans

 

9,311

 

17,057

 

9,586

 

8,614

 

10,875

Overdrafts

 

1,479

 

1,518

 

1,345

 

1,708

 

1,678

Total Loans, Net of Unearned Interest

 

1,630,338

 

1,621,196

 

1,584,959

 

1,561,289

 

1,557,512

Allowance for Loan Losses

 

(13,339)

 

(13,242)

 

(13,335)

 

(13,431)

 

(13,744)

Loans, Net

 

1,616,999

 

1,607,954

 

1,571,624

 

1,547,858

 

1,543,768

 

 

 

 

 

 

 

 

 

 

 

Premises and Equipment, Net

 

92,345

 

92,495

 

93,755

 

95,476

 

96,499

Goodwill

 

84,811

 

84,811

 

84,811

 

84,811

 

84,811

Other Real Estate Owned

 

5,987

 

7,968

 

9,501

 

10,638

 

12,738

Other Assets

 

96,678

 

91,464

 

90,178

 

99,382

 

90,577

Total Other Assets

 

279,821

 

276,738

 

278,245

 

290,307

 

284,625

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

2,790,842

$

2,814,843

$

2,895,531

$

2,845,197

$

2,753,154

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Deposits

$

870,644

$

842,314

$

836,011

$

791,182

$

801,671

NOW Accounts

 

749,816

 

787,090

 

882,605

 

904,014

 

793,363

Money Market Accounts

 

249,964

 

265,032

 

263,080

 

252,800

 

257,004

Regular Savings Accounts

 

329,742

 

327,560

 

321,160

 

304,680

 

298,682

Certificates of Deposit

 

147,451

 

149,937

 

156,449

 

159,610

 

164,387

Total Deposits

 

2,347,617

 

2,371,933

 

2,459,305

 

2,412,286

 

2,315,107

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

6,777

 

6,105

 

7,603

 

12,749

 

12,113

Subordinated Notes Payable

 

52,887

 

52,887

 

52,887

 

52,887

 

52,887

Other Long-Term Borrowings

 

15,047

 

15,631

 

16,460

 

14,881

 

21,368

Other Liabilities

 

83,313

 

86,774

 

81,217

 

77,226

 

75,055

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

2,505,641

 

2,533,330

 

2,617,472

 

2,570,029

 

2,476,530

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS' EQUITY

 

 

 

 

 

 

 

 

 

 

Common Stock

 

170

 

170

 

170

 

168

 

168

Additional Paid-In Capital

 

35,892

 

35,522

 

34,859

 

34,188

 

33,152

Retained Earnings

 

275,013

 

271,646

 

268,934

 

267,037

 

264,581

Accumulated Other Comprehensive Loss, Net of Tax

 

(25,874)

 

(25,825)

 

(25,904)

 

(26,225)

 

(21,277)

 

 

 

 

 

 

 

 

 

 

 

Total Shareowners' Equity

 

285,201

 

281,513

 

278,059

 

275,168

 

276,624

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareowners' Equity

$

2,790,842

$

2,814,843

$

2,895,531

$

2,845,197

$

2,753,154

 

 

 

 

 

 

 

 

 

 

 

OTHER BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

Earning Assets

$

2,473,940

$

2,478,546

$

2,582,971

$

2,520,053

$

2,402,664

Interest Bearing Liabilities

 

1,551,684

 

1,604,242

 

1,700,244

 

1,701,621

 

1,599,804

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Diluted Share

$

16.73

$

16.54

$

16.38

$

16.23

$

16.39

Tangible Book Value Per Diluted Share

 

11.76

 

11.55

 

11.38

 

11.23

 

11.37

 

 

 

 

 

 

 

 

 

 

 

Actual Basic Shares Outstanding

 

16,966

 

16,964

 

16,954

 

16,845

 

16,807

Actual Diluted Shares Outstanding

 

17,045

 

17,025

 

16,979

 

16,949

 

16,874

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

2017

 

2016

 

September 30,

(Dollars in thousands, except per share data)

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans

$

19,479

$

18,720

$

18,005

$

18,671

$

18,046

$

56,204

$

54,196

Investment Securities

 

2,416

 

2,169

 

2,042

 

1,949

 

1,846

 

6,627

 

5,234

Funds Sold

 

446

 

533

 

493

 

212

 

212

 

1,472

 

892

Total Interest Income

 

22,341

 

21,422

 

20,540

 

20,832

 

20,104

 

64,303

 

60,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

530

 

388

 

281

 

224

 

223

 

1,199

 

655

Short-Term Borrowings

 

15

 

17

 

45

 

57

 

43

 

77

 

91

Subordinated Notes Payable

 

420

 

404

 

379

 

363

 

341

 

1,203

 

1,071

Other Long-Term Borrowings

 

115

 

117

 

99

 

129

 

177

 

331

 

599

Total Interest Expense

 

1,080

 

926

 

804

 

773

 

784

 

2,810

 

2,416

Net Interest Income

 

21,261

 

20,496

 

19,736

 

20,059

 

19,320

 

61,493

 

57,906

Provision for Loan Losses

 

490

 

589

 

310

 

464

 

-

 

1,389

 

355

Net Interest Income after Provision for

  Loan Losses

 

20,771

 

19,907

 

19,426

 

19,595

 

19,320

 

60,104

 

57,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Fees

 

5,153

 

5,052

 

5,090

 

5,238

 

5,373

 

15,295

 

16,094

Bank Card Fees

 

2,688

 

2,870

 

2,803

 

2,754

 

2,759

 

8,361

 

8,467

Wealth Management Fees

 

2,197

 

2,073

 

1,842

 

1,773

 

1,774

 

6,112

 

5,256

Mortgage Banking Fees

 

1,480

 

1,556

 

1,308

 

1,392

 

1,503

 

4,344

 

3,800

Other

 

1,478

 

1,584

 

1,675

 

1,621

 

1,602

 

4,737

 

7,286

Total Noninterest Income

 

12,996

 

13,135

 

12,718

 

12,778

 

13,011

 

38,849

 

40,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation

 

16,349

 

16,292

 

16,496

 

16,699

 

15,993

 

49,137

 

48,285

Occupancy, Net

 

4,501

 

4,555

 

4,381

 

4,519

 

4,734

 

13,437

 

13,777

Other Real Estate, Net

 

(118)

 

315

 

583

 

343

 

821

 

780

 

3,306

Other

 

5,975

 

6,759

 

6,462

 

5,999

 

6,474

 

19,196

 

20,286

Total Noninterest Expense

 

26,707

 

27,921

 

27,922

 

27,560

 

28,022

 

82,550

 

85,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

7,060

 

5,121

 

4,222

 

4,813

 

4,309

 

16,403

 

12,800

Income Tax Expense

 

2,505

 

1,560

 

1,478

 

1,517

 

1,436

 

5,543

 

4,350

NET INCOME

$

4,555

$

3,561

$

2,744

$

3,296

$

2,873

$

10,860

$

8,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Net Income

$

0.27

$

0.21

$

0.16

$

0.20

$

0.18

$

0.64

$

0.50

Diluted Net Income

 

0.27

 

0.21

 

0.16

 

0.20

 

0.17

 

0.64

 

0.49

Cash Dividend

$

0.07

$

0.05

$

0.05

$

0.05

$

0.04

$

0.17

$

0.12

AVERAGE SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic 

 

16,965

 

16,955

 

16,919

 

16,809

 

16,804

 

16,946

 

17,049

Diluted 

 

17,044

 

17,016

 

16,944

 

16,913

 

16,871

 

17,009

 

17,100

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AND RISK ELEMENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

2017

 

2016

 

September 30,

(Dollars in thousands, except per share data)

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

$

13,242

$

13,335

$

13,431

$

13,744

$

13,677

$

13,431

$

13,953

Provision for Loan Losses

 

490

 

589

 

310

 

464

 

0

 

1,389

 

355

Net Charge-Offs

 

393

 

682

 

406

 

777

 

(67)

 

1,481

 

564

Balance at End of Period

$

13,339

$

13,242

$

13,335

$

13,431

$

13,744

$

13,339

$

13,744

As a % of Loans

 

0.82%

 

0.81%

 

0.84%

 

0.86%

 

0.88%

 

0.82%

 

0.88%

As a % of Nonperforming Loans

 

203.39%

 

166.23%

 

160.70%

 

157.40%

 

159.56%

 

203.39%

 

159.56%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHARGE-OFFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, Financial and Agricultural

$

276

$

324

$

93

$

377

$

143

$

693

$

484

Real Estate - Construction

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Real Estate - Commercial

 

94

 

478

 

71

 

70

 

5.00

 

643

 

279

Real Estate - Residential

 

125

 

44

 

116

 

120

 

96

 

285

 

779

Real Estate - Home Equity

 

50

 

-

 

92

 

38

 

51

 

142

 

412

Consumer

 

455

 

537

 

624

 

771

 

479

 

1,616

 

1,356

Total Charge-Offs

$

1,000

$

1,383

$

996

$

1,376

$

774

$

3,379

$

3,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECOVERIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, Financial and Agricultural

$

79

$

40

$

81

$

50

$

199

$

200

$

287

Real Estate - Construction

 

50

 

-

 

-

 

-

 

-

 

50

 

-

Real Estate - Commercial

 

69

 

58

 

23

 

45

 

45

 

150

 

363

Real Estate - Residential

 

60

 

202

 

213

 

277

 

139

 

475

 

954

Real Estate - Home Equity

 

84

 

39

 

29

 

32

 

237

 

152

 

377

Consumer

 

265

 

362

 

244

 

195

 

221

 

871

 

765

Total Recoveries

$

607

$

701

$

590

$

599

$

841

$

1,898

$

2,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CHARGE-OFFS

$

393

$

682

$

406

$

777

$

(67)

$

1,481

$

564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

0.10%

 

0.17%

 

0.10%

 

0.20%

 

(0.02)%

 

0.12%

 

0.05%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RISK ELEMENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccruing Loans

$

6,558

$

7,966

$

8,298

$

8,533

$

8,614

 

 

 

 

Other Real Estate Owned

 

5,987

 

7,968

 

9,501

 

10,638

 

12,738

 

 

 

 

Total Nonperforming Assets

$

12,545

$

15,934

$

17,799

$

19,171

$

21,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans 30-89 Days

$

5,687

$

3,789

$

3,263

$

6,438

$

5,667

 

 

 

 

Past Due Loans 90 Days or More

 

-

 

-

 

-

 

-

 

-

 

 

 

 

Classified Loans

 

36,545

 

41,322

 

40,978

 

41,507

 

43,228

 

 

 

 

Performing Troubled Debt Restructuring's

$

33,427

$

35,436

$

36,555

$

38,233

$

35,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans as a % of Loans

 

0.40%

 

0.49%

 

0.52%

 

0.54%

 

0.55%

 

 

 

 

Nonperforming Assets as a % of Loans and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Other Real Estate

 

0.76%

 

0.97%

 

1.11%

 

1.21%

 

1.35%

 

 

 

 

Nonperforming Assets as a % of Total Assets

 

0.45%

 

0.57%

 

0.61%

 

0.67%

 

0.78%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CAPITAL CITY BANK GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE AND INTEREST RATES(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter 2017

 

 

Second Quarter 2017

 

 

First Quarter 2017

 

 

Fourth Quarter 2016

 

 

Third Quarter 2016

 

 

Sep 2017 YTD

 

 

Sep 2016 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

$

1,638,578

 

19,672

 

4.76

%

$

1,608,629

 

18,880

 

4.71

%

$

1,585,561

 

18,137

 

4.64

%

$

1,573,264

 

18,827

 

4.76

%

$

1,555,889

 

18,216

 

4.66

%

$

1,611,117

 

56,689

 

4.70

%

$

1,531,813

 

54,590

 

4.76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Investment Securities

 

588,518

 

2,150

 

1.45

 

 

591,825

 

1,898

 

1.28

 

 

600,528

 

1,784

 

1.20

 

 

614,560

 

1,726

 

1.12

 

 

606,606

 

1,632

 

1.07

 

 

593,579

 

5,832

 

1.31

 

 

576,790

 

4,591

 

1.03

 

Tax-Exempt Investment Securities

 

98,463

 

407

 

1.65

 

 

100,742

 

414

 

1.64

 

 

97,965

 

396

 

1.62

 

 

90,046

 

343

 

1.52

 

 

89,241

 

327

 

1.47

 

 

99,059

 

1,217

 

1.64

 

 

91,399

 

984

 

1.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Securities

 

686,981

 

2,557

 

1.48

 

 

692,567

 

2,312

 

1.34

 

 

698,493

 

2,180

 

1.26

 

 

704,606

 

2,069

 

1.17

 

 

695,847

 

1,959

 

1.12

 

 

692,638

 

7,049

 

1.36

 

 

668,189

 

5,575

 

1.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Sold

 

140,728

 

446

 

1.26

 

 

200,834

 

533

 

1.06

 

 

245,153

 

493

 

0.81

 

 

145,518

 

212

 

0.58

 

 

166,207

 

212

 

0.51

 

 

195,189

 

1,472

 

1.01

 

 

235,414

 

892

 

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earning Assets

 

2,466,287

$

22,675

 

3.65

%

 

2,502,030

$

21,725

 

3.48

%

 

2,529,207

$

20,810

 

3.33

%

 

2,423,388

$

21,108

 

3.47

%

 

2,417,943

$

20,387

 

3.35

%

 

2,498,944

$

65,210

 

3.49

%

 

2,435,416

$

61,057

 

3.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Due From Banks

 

51,880

 

 

 

 

 

 

52,312

 

 

 

 

 

 

48,906

 

 

 

 

 

 

50,207

 

 

 

 

 

 

45,139

 

 

 

 

 

 

51,043

 

 

 

 

 

 

46,521

 

 

 

 

 

Allowance for Loan Losses

 

(13,542)

 

 

 

 

 

 

(13,662)

 

 

 

 

 

 

(13,436)

 

 

 

 

 

 

(14,017)

 

 

 

 

 

 

(14,052)

 

 

 

 

 

 

(13,547)

 

 

 

 

 

 

(14,102)

 

 

 

 

 

Other Assets

 

275,335

 

 

 

 

 

 

276,799

 

 

 

 

 

 

280,463

 

 

 

 

 

 

283,885

 

 

 

 

 

 

285,435

 

 

 

 

 

 

277,514

 

 

 

 

 

 

287,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

2,779,960

 

 

 

 

 

$

2,817,479

 

 

 

 

 

$

2,845,140

 

 

 

 

 

$

2,743,463

 

 

 

 

 

$

2,734,465

 

 

 

 

 

$

2,813,954

 

 

 

 

 

$

2,755,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW Accounts

$

755,620

$

339

 

0.18

%

$

806,621

$

222

 

0.11

%

$

880,707

$

134

 

0.06

%

$

782,518

$

78

 

0.04

%

$

774,899

$

78

 

0.04

%

$

813,858

$

694

 

0.11

%

$

778,840

$

214

 

0.04

%

Money Market Accounts

 

262,486

 

80

 

0.12

 

 

261,726

 

57

 

0.09

 

 

259,106

 

35

 

0.06

 

 

257,398

 

31

 

0.05

 

 

258,183

 

30

 

0.05

 

 

261,118

 

172

 

0.09

 

 

255,885

 

89

 

0.05

 

Savings Accounts

 

327,675

 

40

 

0.05

 

 

322,833

 

39

 

0.05

 

 

311,212

 

38

 

0.05

 

 

303,006

 

37

 

0.05

 

 

297,172

 

37

 

0.05

 

 

320,634

 

118

 

0.05

 

 

288,740

 

107

 

0.05

 

Time Deposits

 

148,652

 

71

 

0.19

 

 

152,811

 

70

 

0.18

 

 

158,289

 

74

 

0.19

 

 

161,859

 

78

 

0.19

 

 

165,324

 

78

 

0.19

 

 

153,215

 

215

 

0.19

 

 

171,052

 

245

 

0.19

 

Total Interest Bearing Deposits

 

1,494,433

 

530

 

0.14

%

 

1,543,991

 

388

 

0.10

%

 

1,609,314

 

281

 

0.07

%

 

1,504,781

 

224

 

0.06

%

 

1,495,578

 

223

 

0.06

%

 

1,548,825

 

1,199

 

0.11

%

 

1,494,517

 

655

 

0.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

9,920

 

15

 

0.59

%

 

8,957

 

17

 

0.75

%

 

12,810

 

45

 

1.43

%

 

14,768

 

57

 

1.54

%

 

12,162

 

43

 

1.39

%

 

10,552

 

77

 

0.97

%

 

44,147

 

91

 

0.28

%

Subordinated Notes Payable

 

52,887

 

420

 

3.11

 

 

52,887

 

404

 

3.02

 

 

52,887

 

379

 

2.86

 

 

52,887

 

363

 

2.68

 

 

52,887

 

341

 

2.52

 

 

52,887

 

1,203

 

3.00

 

 

56,683

 

1,071

 

2.48

 

Other Long-Term Borrowings

 

15,427

 

115

 

2.95

 

 

16,065

 

117

 

2.93

 

 

14,468

 

99

 

2.77

 

 

17,473

 

129

 

2.93

 

 

23,629

 

177

 

2.98

 

 

15,324

 

331

 

2.89

 

 

26,031

 

599

 

3.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Liabilities

 

1,572,667

$

1,080

 

0.28

%

 

1,621,900

$

926

 

0.23

%

 

1,689,479

$

804

 

0.20

%

 

1,589,909

$

773

 

0.20

%

 

1,584,256

$

784

 

0.20

%

 

1,627,588

$

2,810

 

0.24

%

 

1,621,378

$

2,416

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Deposits

 

834,729

 

 

 

 

 

 

829,432

 

 

 

 

 

 

797,964

 

 

 

 

 

 

802,136

 

 

 

 

 

 

793,163

 

 

 

 

 

 

820,843

 

 

 

 

 

 

780,167

 

 

 

 

 

Other Liabilities

 

87,268

 

 

 

 

 

 

84,486

 

 

 

 

 

 

79,208

 

 

 

 

 

 

72,475

 

 

 

 

 

 

79,639

 

 

 

 

 

 

83,683

 

 

 

 

 

 

75,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

2,494,664

 

 

 

 

 

 

2,535,818

 

 

 

 

 

 

2,566,651

 

 

 

 

 

 

2,464,520

 

 

 

 

 

 

2,457,058

 

 

 

 

 

 

2,532,114

 

 

 

 

 

 

2,477,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS' EQUITY:

 

285,296

 

 

 

 

 

 

281,661

 

 

 

 

 

 

278,489

 

 

 

 

 

 

278,943

 

 

 

 

 

 

277,407

 

 

 

 

 

 

281,840

 

 

 

 

 

 

278,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareowners' Equity

$

2,779,960

 

 

 

 

 

$

2,817,479

 

 

 

 

 

$

2,845,140

 

 

 

 

 

$

2,743,463

 

 

 

 

 

$

2,734,465

 

 

 

 

 

$

2,813,954

 

 

 

 

 

$

2,755,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Spread

 

 

$

21,595

 

3.37

%

 

 

$

20,799

 

3.25

%

 

 

$

20,006

 

3.14

%

 

 

$

20,335

 

3.27

%

 

 

$

19,603

 

3.15

%

 

 

$

62,400

 

3.25

%

 

 

$

58,641

 

3.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income and Rate Earned(1)

 

 

 

22,675

 

3.65

 

 

 

 

21,725

 

3.48

 

 

 

 

20,810

 

3.33

 

 

 

 

21,108

 

3.47

 

 

 

 

20,387

 

3.35

 

 

 

 

65,210

 

3.49

 

 

 

 

61,057

 

3.35

 

Interest Expense and Rate Paid(2)

 

 

 

1,080

 

0.17

 

 

 

 

926

 

0.15

 

 

 

 

804

 

0.13

 

 

 

 

773

 

0.13

 

 

 

 

784

 

0.13

 

 

 

 

2,810

 

0.15

 

 

 

 

2,416

 

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

 

$

21,595

 

3.48

%

 

 

$

20,799

 

3.33

%

 

 

$

20,006

 

3.21

%

 

 

$

20,335

 

3.34

%

 

 

$

19,603

 

3.23

%

 

 

$

62,400

 

3.34

%

 

 

$

58,641

 

3.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.