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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON,
 
D.C.
 
20549
 
 
FORM
10-Q
 
QUARTERLY REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended
June 30, 2021
 
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ____________ to ____________
 
 
Commission File Number:
0-13358
 
 
Capital City Bank Group, Inc.
(Exact name of Registrant as specified in its charter)
 
Florida
 
59-2273542
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
217 North Monroe Street
,
Tallahassee
,
Florida
 
32301
(Address of principal executive office)
 
(Zip Code)
(
850
)
402-7821
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par value $0.01
CCBG
Nasdaq Stock Market
, LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
 
Yes
 
[X] No [
 
]
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
 
Yes [
X
] No [
 
]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
 
a non-accelerated filer, a smaller reporting company, or
an emerging growth company.
 
See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth
company” in Rule 12b-2
 
of the Exchange Act.
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
 
any
new or revised financial accounting standards pursuant to Section 13(a) of The Exchange Act.
 
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
 
[
 
]
No
 
[X]
 
At July 29, 2021,
16,874,279
 
shares of the Registrant's Common Stock, $.01 par value, were outstanding.
 
2
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
QUARTERLY
 
REPORT ON FORM 10-Q
 
FOR THE PERIOD ENDED JUNE 30, 2021
 
TABLE OF CONTENTS
 
 
PART I –
 
Financial Information
 
Page
 
Item 1.
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – June 30, 2021 and December 31, 2020
4
Consolidated Statements of Income – Three and Six Months Ended June 30, 2021 and 2020
5
Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2021 and 2020
6
Consolidated Statements of Changes in Shareowners’ Equity – Three and Six Months Ended June 30, 2021 and 2020
7
Consolidated Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
29
 
 
Item 3.
Quantitative and Qualitative Disclosure About Market Risk
45
 
 
Item 4.
Controls and Procedures
45
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
45
 
 
Item 1A.
Risk Factors
45
 
 
 
 
Item 3.
Defaults Upon
 
Senior Securities
45
Item 4.
Mine Safety Disclosure
45
Item 5.
Other Information
45
 
 
Item 6.
Exhibits
46
 
 
Signatures
 
47
 
3
INTRODUCTORY NOTE
Caution Concerning Forward-Looking Statements
 
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private
 
Securities Litigation Reform
Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans,
 
objectives, goals, expectations,
estimates and intentions that are subject to significant risks and uncertainties and are subject
 
to change based on various factors, many of
which are beyond our control.
 
The words “may,” “could,” “should,”
 
“would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,”
“target,” “goal,” and similar expressions are intended to identify forward-looking statements.
 
All forward-looking statements, by their nature, are subject to risks and uncertainties.
 
Our actual future results may differ materially from
those set forth in our forward-looking statements.
 
Our ability to achieve
 
our financial objectives could
 
be adversely affected by
 
the factors discussed in detail
 
in Part I, Item 2.
 
“Management’s
Discussion and Analysis
 
of Financial Condition
 
and Results of Operations”
 
and Part II, Item
 
1A. “Risk Factors” in
 
this Quarterly Report on
Form 10-Q and the
 
following sections of our
 
Annual Report on Form
 
10-K for the year
 
ended December 31, 2020
 
(the “2020 Form 10
 
-K”):
(a) “Introductory Note”
 
in Part I,
 
Item 1. “Business”;
 
(b) “Risk Factors”
 
in Part I,
 
Item 1A, as
 
updated in our
 
subsequent quarterly reports
filed on Form 10-Q; and (c) “Introduction”
 
in “Management’s Discussion and
 
Analysis of Financial Condition and Results
 
of Operations,” in
Part II, Item 7, as well as:
 
 
the magnitude and duration of the ongoing COVID-19 (including the Delta variant) pandemic and its impact
 
on the global and local
economies and financial market conditions and our business, results of operations and financial condition, including
 
the impact of our
participation in government programs related to COVID-19;
 
our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry;
 
legislative or regulatory changes;
 
changes in monetary and fiscal policies of the U.S. Government;
 
inflation, interest rate, market and monetary fluctuations;
 
the effects of security breaches and computer viruses that may affect our computer
 
systems or fraud related to debit card products;
 
the accuracy of our financial statement estimates and assumptions, including the estimates used for our allowance
 
for credit losses,
deferred tax asset valuation and pension plan;
 
changes in accounting principles, policies, practices or guidelines;
 
the frequency and magnitude of foreclosure of our loans;
 
the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry
 
concentrations;
 
the strength of the United States economy in general and the strength of the local economies in which we
 
conduct operations;
 
 
our ability to declare and pay dividends, the payment of which is subject to our capital requirements;
 
changes in the securities and real estate markets;
 
structural changes in the markets for origination, sale and servicing of residential mortgages;
 
uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing
 
rights related to
these loans and related interest rate risk or price risk resulting from retaining mortgage servicing
 
rights and the potential effects of
higher interest rates on our loan origination volumes;
 
the effect of corporate restructuring, acquisitions or dispositions, including the actual
 
restructuring and other related charges and the
failure to achieve the expected gains, revenue growth or expense savings from such corporate restructuring,
 
acquisitions or dispositions;
 
the effects of natural disasters, harsh weather conditions (including hurricanes), widespread
 
health emergencies, military conflict,
terrorism, civil unrest or other geopolitical events;
 
our ability to comply with the extensive laws and regulations to which we are subject, including the laws
 
for each jurisdiction where
we operate;
 
the willingness of clients to accept third-party products and services rather than our products and
 
services and vice versa;
 
increased competition and its effect on pricing;
 
technological changes;
 
negative publicity and the impact on our reputation;
 
changes in consumer spending and saving habits;
 
growth and profitability of our noninterest income;
 
the limited trading activity of our common stock;
 
the concentration of ownership of our common stock;
 
anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws;
 
other risks described from time to time in our filings with the Securities and Exchange Commission; and
 
our ability to manage the risks involved in the foregoing.
 
However, other factors besides those listed in
Item 1A Risk Factors
 
or discussed in this Form 10-Q also could adversely affect our results,
and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.
 
Any forward-looking
statements made by us or on our behalf speak only as of the date they are made.
 
We do not undertake to update
 
any forward-looking
statement, except as required by applicable law.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
PART
 
I.
 
FINANCIAL INFORMATION
Item 1.
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(Unaudited)
June 30,
December 31,
(Dollars in Thousands)
2021
 
2020
ASSETS
 
 
Cash and Due From Banks
$
78,894
$
67,919
Funds Sold
 
766,920
 
860,630
Total Cash and Cash
 
Equivalents
 
845,814
 
928,549
 
 
 
Investment Securities, Available
 
for Sale, at fair value
 
480,890
 
324,870
Investment Securities, Held to Maturity (fair value of $
329,881
 
and $
175,175
)
 
325,559
 
169,939
Total Investment
 
Securities
 
806,449
 
494,809
 
Loans Held For Sale, at fair value
80,821
 
114,039
 
Loans Held for Investment
2,008,662
 
2,006,426
Allowance for Credit Losses
 
(22,175)
 
(23,816)
Loans Held for Investment, Net
 
1,986,487
 
1,982,610
 
 
 
Premises and Equipment, Net
 
85,745
 
86,791
Goodwill and Other Intangibles
 
93,333
 
89,095
Other Real Estate Owned
1,192
808
Other Assets
 
111,618
 
101,370
Total Assets
$
4,011,459
$
3,798,071
 
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,552,864
$
1,328,809
Interest Bearing Deposits
 
1,894,057
 
1,888,751
Total Deposits
 
3,446,921
 
3,217,560
 
 
 
Short-Term
 
Borrowings
 
47,200
 
79,654
Subordinated Notes Payable
 
52,887
 
52,887
Other Long-Term
 
Borrowings
 
1,720
 
3,057
Other Liabilities
 
105,534
 
102,076
Total Liabilities
 
3,654,262
 
3,455,234
Temporary Equity
21,317
22,000
 
 
 
SHAREOWNERS’ EQUITY
 
 
Preferred Stock, $
0.01
 
par value;
3,000,000
 
shares authorized;
no
 
shares issued and outstanding
 
-
-
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
16,874,279
 
and
16,790,573
 
shares issued and outstanding at June 30, 2021 and December
 
31, 2020, respectively
169
168
Additional Paid-In Capital
 
33,560
 
32,283
Retained Earnings
 
345,574
 
332,528
Accumulated Other Comprehensive Loss, net of tax
 
(43,423)
 
(44,142)
Total Shareowners’
 
Equity
 
335,880
 
320,837
Total Liabilities, Temporary
 
Equity, and Shareowners' Equity
$
4,011,459
$
3,798,071
The accompanying Notes to Consolidated Financial
 
Statements are an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF INCOME
(Unaudited)
Three Months Ended
 
June 30,
Six Months Ended
 
June
30,
(Dollars in Thousands, Except Per Share
 
Data)
2021
2020
2021
2020
INTEREST INCOME
Loans, including Fees
$
24,582
$
23,687
$
47,932
$
47,280
Investment Securities:
Taxable
2,036
2,708
3,899
5,704
Tax Exempt
18
29
38
48
Funds Sold
 
200
88
413
845
Total Interest
 
Income
26,836
26,512
52,282
53,877
INTEREST EXPENSE
Deposits
208
218
416
1,157
Short-Term
 
Borrowings
324
421
736
553
Subordinated Notes Payable
308
374
615
845
Other Long-Term
 
Borrowings
16
41
37
91
Total Interest Expense
856
1,054
1,804
2,646
NET INTEREST INCOME
25,980
25,458
50,478
51,231
Provision for Credit Losses
(571)
2,005
(1,553)
6,995
Net Interest Income After Provision For Credit Losses
26,551
23,453
52,031
44,236
NONINTEREST INCOME
Deposit Fees
4,236
3,756
8,507
8,771
Bank Card Fees
3,998
3,142
7,616
6,193
Wealth Management
 
Fees
3,274
2,554
6,364
5,158
Mortgage Banking Revenues
13,217
19,397
30,342
22,650
Other
1,748
1,350
3,470
2,905
Total Noninterest
 
Income
26,473
30,199
56,299
45,677
NONINTEREST EXPENSE
Compensation
25,378
23,658
51,442
43,394
Occupancy, Net
5,973
5,798
11,940
10,777
Other Real Estate Owned, Net
 
(270)
116
(388)
(682)
Pension Settlement
2,000
-
2,000
-
Other
9,042
7,731
17,605
14,783
Total Noninterest
 
Expense
42,123
37,303
82,599
68,272
INCOME BEFORE INCOME TAXES
10,901
16,349
25,731
21,641
Income Tax Expense
2,059
2,950
4,846
4,232
NET INCOME
8,842
13,399
20,885
17,409
Pre-Tax Income
 
Attributable to Noncontrolling Interests
(1,415)
(4,253)
(3,952)
(3,976)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
7,427
$
9,146
$
16,933
$
13,433
BASIC NET INCOME PER SHARE
$
0.44
$
0.55
$
1.00
$
0.80
DILUTED NET INCOME PER SHARE
$
0.44
$
0.55
$
1.00
$
0.80
Average Common
 
Basic Shares Outstanding
16,858
16,797
16,848
16,803
Average Common
 
Diluted Shares Outstanding
16,885
16,839
16,874
16,844
The accompanying Notes to Consolidated Financial
 
Statements are an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
 
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in Thousands)
2021
2020
2021
2020
NET INCOME
$
7,427
$
9,146
$
16,933
$
13,433
Other comprehensive income, before
 
tax:
Investment Securities:
Change in net unrealized gain/loss on securities available for sale
(481)
433
(2,434)
3,980
Derivative:
Change in net unrealized gain on effective cash
 
flow derivative
(919)
(104)
1,206
(104)
Benefit Plans:
Reclassification adjustment for service cost
-
-
24
-
Actuarial gain
-
-
166
-
Defined benefit plan settlement
2,000
-
2,000
-
Total Benefit Plans
2,000
-
2,190
-
Other comprehensive income, before
 
tax
600
329
962
3,876
Deferred tax expense related to other comprehensive
 
income
152
52
243
951
Other comprehensive income, net of tax
448
277
719
2,925
TOTAL COMPREHENSIVE
 
INCOME
$
7,875
$
9,423
$
17,652
$
 
16,358
The accompanying Notes to Consolidated Financial
 
Statements are an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
CONSOLIDATED STATEMENTS
 
OF CHANGES IN SHAREOWNERS' EQUITY
(Unaudited)
Accumulated
 
Other
Additional
Comprehensive
 
Shares
Common
Paid-In
Retained
(Loss) Income,
(Dollars In Thousands, Except Share
 
Data)
Outstanding
Stock
Capital
Earnings
Net of Taxes
Total
Balance, April 1, 2021
16,851,878
$
169
$
32,804
$
335,324
$
(43,871)
$
324,426
Net Income
-
-
-
7,427
-
7,427
Reclassification to Temporary
 
Equity
(1)
-
-
-
5,353
-
5,353
Other Comprehensive Income, net of tax
-
-
-
-
448
448
Cash Dividends ($
0.15
00 per share)
-
-
-
(2,530)
-
(2,530)
Stock Based Compensation
-
-
219
-
-
219
Stock Compensation Plan Transactions,
 
net
22,401
-
537
-
-
537
Balance, June 30, 2021
16,874,279
$
169
$
33,560
$
345,574
$
(43,423)
$
335,880
Balance, April 1, 2020
16,811,781
$
168
$
32,100
$
321,772
$
(25,533)
$
328,507
Net Income
-
-
-
9,146
-
9,146
Other Comprehensive Income, net of tax
-
-
-
-
277
277
Cash Dividends ($
0.14
00 per share)
-
-
-
(2,348)
-
(2,348)
Repurchase of Common Stock
(43,878)
-
(863)
-
-
(863)
Stock Based Compensation
-
-
77
-
-
77
Stock Compensation Plan Transactions,
 
net
12,373
-
261
-
-
261
Balance, June 30, 2020
16,780,276
$
168
$
31,575
$
328,570
$
(25,256)
$
335,057
Balance, January 1, 2021
16,790,573
$
168
$
32,283
$
332,528
$
(44,142)
$
320,837
Net Income
-
-
-
16,933
-
16,933
Reclassification to Temporary
 
Equity
(1)
-
-
-
1,171
-
1,171
Other Comprehensive Income, net of tax
-
-
-
-
719
719
Cash Dividends ($
0.3
000 per share)
-
-
-
(5,058)
-
(5,058)
Stock Based Compensation
-
-
438
-
-
438
Stock Compensation Plan Transactions,
 
net
83,706
1
839
-
-
840
Balance, June 30, 2021
16,874,279
$
169
$
33,560
$
345,574
$
(43,423)
$
335,880
Balance, January 1, 2020
16,771,544
$
168
$
32,092
$
322,937
$
(28,181)
$
327,016
Adoption of ASC 326
 
-
-
-
(3,095)
-
(3,095)
Net Income
-
-
-
13,433
-
13,433
Other Comprehensive Income, net of tax
-
-
-
-
2,925
2,925
Cash Dividends ($
0.28
00 per share)
-
-
-
(4,705)
-
(4,705)
Repurchase of Common Stock
(76,952)
(1)
(1,570)
-
-
(1,571)
Stock Based Compensation
-
-
368
-
-
368
Stock Compensation Plan Transactions,
 
net
85,684
1
685
-
-
686
Balance, June 30, 2020
16,780,276
$
168
$
31,575
$
328,570
$
(25,256)
$
335,057
(1)
Adjustment to redemption value for
 
non-controlling interest
 
in Capital City Home Loans.
The accompanying Notes to Consolidated Financial
 
Statements are an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
 
(Unaudited)
Six Months Ended June 30,
(Dollars in Thousands)
2021
2020
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income
 
$
16,933
$
13,433
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
(1,553)
6,995
 
Depreciation
3,782
3,400
 
Amortization of Premiums, Discounts and Fees, net
5,946
3,414
 
Amortization of Intangible Asset
40
-
 
Pension Plan Settlement Charge
2,000
-
 
Originations of Loans Held-for-Sale
(877,613)
(431,775)
 
Proceeds From Sales of Loans Held-for-Sale
941,173
385,518
 
Net Gain From Sales of Loans Held-for-Sale
(30,342)
(20,844)
 
Net Additions for Capitalized Mortgage Servicing Rights
(8)
-
 
Change in Valuation
 
Provision for Mortgage Servicing Rights
(250)
-
 
Stock Compensation
438
368
 
Net Tax Benefit From
 
Stock-Based Compensation
(4)
(84)
 
Deferred Income Taxes
(469)
(695)
 
Net Change in Operating Leases
(81)
498
 
Net Gain on Sales and Write-Downs of
 
Other Real Estate Owned
(507)
(915)
 
Net Increase in Other Assets
(9,789)
(23,035)
 
Net Increase in Other Liabilities
2,472
36,251
Net Cash Provided By (Used In) Operating Activities
52,168
(27,471)
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(201,308)
(32,250)
 
Payments, Maturities, and Calls
44,238
38,362
Securities Available
 
for Sale:
 
Purchases
(255,379)
(38,364)
 
Payments, Maturities, and Calls
94,911
102,846
Purchases of Loans Held for Investment
(70,043)
(18,359)
Net Decrease (Increase) in Loans Held for Investment
64,708
(167,587)
Net Cash Paid for Acquisitions
(4,482)
(2,405)
Proceeds From Sales of Other Real Estate Owned
1,121
1,800
Purchases of Premises and Equipment
(3,215)
(6,842)
Noncontrolling Interest Contributions
3,464
-
Net Cash Used In Investing Activities
(325,985)
(122,799)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
229,361
309,542
Net (Decrease) Increase in Short-Term
 
Borrowings
(32,668)
57,460
Repayment of Other Long-Term
 
Borrowings
(1,123)
(837)
Dividends Paid
(5,058)
(4,705)
Payments to Repurchase Common Stock
-
(1,571)
Issuance of Common Stock Under Purchase Plans
570
386
Net Cash Provided By Financing Activities
191,082
360,275
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(82,735)
210,005
Cash and Cash Equivalents at Beginning of Period
 
928,549
378,423
Cash and Cash Equivalents at End of Period
 
$
845,814
$
588,428
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
1,877
$
2,655
 
Income Taxes Paid
$
9,369
$
3,613
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
998
$
991
The accompanying Notes to Consolidated Financial
 
Statements are an integral part of these statements.
 
9
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
NOTES TO CONSOLIDATED
 
FINANCIAL STATEMENTS
 
 
NOTE 1 –
 
BUSINESS AND BASIS OF PRESENTATION
 
 
Nature of Operations
.
 
Capital City Bank Group, Inc. (“CCBG” or the “Company”)
 
provides a full range of banking and banking-
related services to individual and corporate clients through
 
its subsidiary, Capital City Bank,
 
with banking offices located in Florida,
Georgia, and Alabama.
 
The Company is subject to competition from other financial
 
institutions, is subject to regulation by certain
government agencies and undergoes periodic
 
examinations by those regulatory authorities.
 
Basis of Presentation
.
 
The consolidated financial statements in this Quarterly Report
 
on Form 10-Q include the accounts of CCBG
and its wholly owned subsidiary,
 
Capital City Bank (“CCB” or the “Bank”).
 
All material inter-company transactions and accounts
have
 
been eliminated.
 
Certain previously reported amounts have been reclassified to conform
 
to the current year’s presentation.
 
The accompanying unaudited consolidated financial statements
 
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with
 
the instructions to Form 10-Q and Article 10 of Regulation S-X.
 
Accordingly,
they do not include all of the information and footnotes required
 
by generally accepted accounting principles for complete financial
statements.
 
In the opinion of management, all adjustments (consisting of
 
normal recurring accruals) considered necessary for a fair
presentation have been included.
 
 
The consolidated statement of financial condition at
 
December 31, 2020 has been derived from the audited
 
consolidated financial
statements at that date, but does not include all of the
 
information and footnotes required by generally accepted accounting
 
principles
for complete financial statements.
 
For further information, refer to the consolidated financial statements
 
and footnotes thereto
included in the Company’s
 
annual report on Form 10-K for the year ended December
 
31, 2020.
 
Acquisition.
 
On
April 30, 2021
, a newly formed subsidiary of CCBG, Capital City Strategic
 
Wealth, LLC (“CCSW”)
 
acquired
substantially all of the assets of Strategic Wealth
 
Group, LLC and certain related businesses (“SWG”), including
 
advisory,
 
service,
and insurance carrier agreements, and the assignment
 
of all related revenues thereof.
 
Under the terms of the purchase agreement,
SWG principles became officers of CCSW and will continue
 
the operation of their five offices in South Georgia
 
offering wealth
management services and comprehensive risk management
 
and asset protection services for individuals and businesses.
 
CCSW paid
$
4.4
 
million in cash consideration and recorded goodwill of $
2.8
 
million and a customer relationship intangible asset of $
1.6
 
million.
 
 
 
Accounting Standards Updates
 
 
ASU 2020-04, "Reference Rate Reform
 
(Topic
 
848).
 
ASU 2020-04 provides optional expedients and exceptions for applying
 
GAAP
to loan and lease agreements, derivative contracts, and
 
other transactions affected by the anticipated transition
 
away from LIBOR
toward new interest rate benchmarks. For transactions
 
that are modified because of reference rate reform and that meet certain
 
scope
guidance (i) modifications of loan agreements should
 
be accounted for by prospectively adjusting the effective
 
interest rate and the
modification will be considered "minor" so that any existing
 
unamortized origination fees/costs would carry forward and
 
continue to
be amortized and (ii) modifications of lease agreements
 
should be accounted for as a continuation of the existing
 
agreement with no
reassessments of the lease classification and the discount
 
rate or re-measurements of lease payments that otherwise would be required
for modifications not accounted for as separate
 
contracts. ASU 2020-04 also provides numerous optional expedients
 
for derivative
accounting.
 
ASU 2020-04 is effective March 12, 2020 through
 
December 31, 2022.
 
An entity may elect to apply ASU 2020-04 for
contract modifications as of January 1, 2020, or prospectively
 
from a date within an interim period that includes or is subsequent
 
to
March 12, 2020, up to the date that the financial statements
 
are available to be issued.
 
Once elected for a Topic
 
or an Industry
Subtopic within the Codification, the amendments in this
 
ASU must be applied prospectively for all eligible contract
 
modifications for
that Topic or Industry
 
Subtopic.
 
It is anticipated this ASU will simplify any modifications executed
 
between the selected start date
(yet to be determined) and December 31, 2022 that are
 
directly related to LIBOR transition by allowing prospective
 
recognition of the
continuation of the contract, rather than extinguishment of
 
the old contract resulting in writing off unamortized
 
fees/costs.
 
Further,
ASU 2021-01, “Reference Rate Reform
 
(Topic
 
848): Scope,”
clarifies that certain optional expedients and exceptions
 
in ASC 848 for
contract modifications and hedge accounting apply
 
to derivatives that are affected by the discounting
 
transition. ASU 2021-01 also
amends the expedients and exceptions in ASC 848 to
 
capture the incremental consequences of the scope clarification and
 
to tailor the
existing guidance to derivative instruments.
 
The Company is evaluating the impact of this ASU and has not
 
yet determined if this
ASU will have material effects on the Company’s
 
business operations and consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related
 
market value of investment
securities available-for-sale and securities held-to-maturity
 
and the corresponding amounts of gross unrealized gains and
 
losses.
June 30, 2021
December 31, 2020
Amortized
Unrealized
Unrealized
Market
Amortized
Unrealized
Unrealized
Market
Cost
Gains
Losses
Value
Cost
Gain
Losses
Value
Available for
 
Sale
U.S. Government Treasury
$
161,247
$
220
$
590
$
160,877
$
103,547
$
972
$
-
$
104,519
U.S. Government Agency
226,807
2,087
593
228,301
205,972
2,743
184
208,531
States and Political Subdivisions
13,555
60
8
13,607
3,543
89
-
3,632
Mortgage-Backed Securities
56,894
56
-
56,950
456
59
-
515
Corporate Debt Securities
14,357
3
-
14,360
-
-
-
-
Equity Securities
(1)
6,795
-
-
6,795
7,673
-
-
7,673
Total
 
$
479,655
$
2,426
$
1,191
$
480,890
$
321,191
$
3,863
$
184
$
324,870
Held to Maturity
U.S. Government Treasury
$
110,926
$
59
$
64
$
110,921
$
5,001
$
13
$
-
$
5,014
Mortgage-Backed Securities
214,633
4,579
252
218,960
164,938
5,223
-
170,161
Total
 
$
325,559
$
4,638
$
316
$
329,881
$
169,939
$
5,236
$
-
$
175,175
Total Investment
 
Securities
$
805,214
$
7,064
$
1,507
$
810,771
$
491,130
$
9,099
$
184
$
500,045
 
(1)
 
Includes Federal Home Loan Bank and Federal Reserve Bank
 
stock, recorded
 
at cost of $
2.0
 
million and $
4.8
 
million,
respectively,
 
at June 30, 2021 and includes Federal Home Loan
 
Bank and Federal Reserve Bank stock recorded
 
at cost of $
2.9
million and $
4.8
 
million, respectively,
 
at December 31, 2020.
 
Securities with an amortized cost of $
348.7
 
million and $
308.2
 
million at June 30, 2021 and December 31, 2020, respectively,
 
were
pledged to secure public deposits and for other purposes.
 
 
The Bank, as a member of the Federal Home Loan Bank
 
of Atlanta (“FHLB”), is required to own capital stock in the FHLB based
generally upon the balances of residential and commercial
 
real estate loans and FHLB advances.
 
FHLB stock, which is included in
equity securities, is pledged to secure FHLB advances.
 
No ready market exists for this stock, and it has no
 
quoted market value;
however, redemption of this stock
 
has historically been at par value.
 
As a member of the Federal Reserve Bank of Atlanta,
 
the Bank is required to maintain stock in the Federal Reserve Bank of
 
Atlanta
based on a specified ratio relative to the Bank’s
 
capital.
 
Federal Reserve Bank stock is carried at cost.
 
 
Maturity Distribution
.
 
At June 30, 2021, the Company's investment securities had the
 
following maturity distribution based on
contractual maturity.
 
Expected maturities may differ from contractual maturities
 
because borrowers may have the right to call or
prepay obligations.
 
Mortgage-backed securities and certain amortizing U.S. government
 
agency securities are shown separately
because they are not due at a certain maturity date.
 
 
Available for
 
Sale
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Market Value
Amortized Cost
Market Value
Due in one year or less
$
52,053
 
$
52,075
 
$
-
 
$
-
Due after one year through five years
 
170,442
 
 
169,879
 
 
110,926
 
 
110,921
Due after five year through ten years
 
17,645
 
 
17,620
 
 
-
 
 
-
Mortgage-Backed Securities
56,894
56,950
214,633
218,960
U.S. Government Agency
 
175,826
 
 
177,571
 
 
-
 
 
-
Equity Securities
 
6,795
 
 
6,795
 
 
-
 
 
-
Total
 
$
479,655
 
$
480,890
 
$
325,559
 
$
329,881
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Unrealized Losses on Investment Securities.
 
The following table summarizes the available for sale investment
 
securities with
unrealized losses aggregated by major security type
 
and length of time in a continuous unrealized loss position:
 
 
 
Less Than
Greater Than
12 Months
12 Months
Total
Market
Unrealized
Market
Unrealized
Market
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
June 30, 2021
Available for
 
Sale
U.S. Government Treasury
$
114,398
 
$
590
 
$
-
 
$
-
 
$
114,398
 
$
590
U.S. Government Agency
84,107
530
8,906
63
93,013
593
States and Political Subdivisions
3,394
 
8
 
-
 
-
 
3,394
 
8
Total
 
201,899
 
1,128
 
8,906
 
63
 
210,805
 
1,191
 
Held to Maturity
U.S. Government Treasury
 
57,803
 
64
 
 
-
 
-
 
 
57,803
 
 
64
Mortgage-Backed Securities
51,208
 
252
 
-
 
-
 
51,208
 
252
Total
 
$
109,011
 
$
316
 
$
-
 
$
-
 
$
109,011
 
$
316
December 31, 2020
Available for
 
Sale
 
U.S. Government Agency
$
28,266
$
156
$
4,670
$
28
$
32,936
$
184
Total
 
$
28,266
 
$
156
 
$
4,670
 
$
28
 
$
32,936
 
$
184
 
At June 30, 2021, there were
150
 
positions (combined AFS and HTM) with unrealized losses totaling
 
$
1.5
 
million.
145
 
of these
positions were U.S. government agency securities issued by
 
U.S. government sponsored entities.
 
The remaining
five
 
were municipal
securities.
 
Because the declines in the market value of these securities
 
were attributable to changes in interest rates and not credit
quality, and because
 
the Company had the ability and intent to hold these investments
 
until there is a recovery in fair value, which
may be at maturity,
 
the Company did
no
t record any allowance for credit losses on any investment securities
 
at June 30, 2021.
 
Additionally,
no
ne of the securities held by the Company were past due
 
or in nonaccrual status at June 30, 2021.
 
 
Credit Quality Indicators
 
The Company monitors the credit quality of its investment
 
securities through various risk management procedures, including
 
the
monitoring of credit ratings.
 
A majority of the debt securities in the Company’s
 
investment portfolio were issued by a U.S.
government entity or agency and are either explicitly
 
or implicitly guaranteed by the U.S. government.
 
The Company believes the
long history of no credit losses on these securities indicates that
 
the expectation of nonpayment of the amortized cost basis is zero,
even if the U.S. government were to technically
 
default.
 
Further, certain municipal securities held by
 
the Company have been pre-
refunded and secured by government guaranteed treasuries.
 
Therefore, for the aforementioned securities, the Company
 
does not
assess or record expected credit losses due to the zero
 
loss assumption.
 
The Company monitors the credit quality of its municipal
securities portfolio via credit ratings which are updated
 
on a quarterly basis.
 
On a quarterly basis, municipal securities in an
unrealized loss position are evaluated to determine if
 
the loss is attributable to credit related factors and if an allowance
 
for credit loss
is needed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
NOTE 3 – LOANS HELD FOR INVESTMENT AND ALLOWANCE
 
FOR CREDIT LOSSES
 
 
Loan Portfolio Composition
.
 
The composition of the held for investment (“HFI”) loan
 
portfolio was as follows:
 
 
(Dollars in Thousands)
June 30, 2021
 
December 31, 2020
Commercial, Financial and Agricultural
$
292,953
 
$
393,930
Real Estate – Construction
 
149,884
 
 
135,831
Real Estate – Commercial Mortgage
 
707,599
 
 
648,393
Real Estate – Residential
(1)
 
368,457
 
 
352,543
Real Estate – Home Equity
 
190,078
 
 
205,479
Consumer
(2)
 
299,691
 
 
270,250
Loans HFI, Net of Unearned Income
$
2,008,662
 
$
2,006,426
 
(1)
 
Includes loans in process with outstanding
 
balances of $
7.4
 
million and $
10.9
 
million at June 30, 2021 and December 31, 2020,
respectively.
(2)
 
Includes overdraft balances of $
1.2
 
million and $
0.7
 
million at June 30, 2021 and December 31, 2020, respectively.
 
 
Net deferred loan costs, which include premiums on purchased
 
loans, included in loans were $
0.5
 
million at June 30, 2021 and net
deferred loan fees were $
0.1
 
million at December 31, 2020.
 
 
Accrued interest receivable on loans which is excluded
 
from amortized cost totaled $
6.4
 
million at June 30, 2021 and $
6.9
 
million at
December 31, 2020, and is reported separately in Other
 
Assets.
 
The Company has pledged a blanket floating lien on all 1-4
 
family residential mortgage loans, commercial real estate mortgage
 
loans,
and home equity loans to support available borrowing
 
capacity at the FHLB of Atlanta and has pledged a blanket
 
floating lien on all
consumer loans, commercial loans, and construction loans
 
to support available borrowing capacity at the Federal Reserve Bank
 
of
Atlanta.
 
The Company transferred $
9.4
 
million of home equity loans from HFI to HFS in the
 
second quarter of 2021.
 
Loan Purchases
.
 
The Company will periodically purchase newly originated 1-4
 
family real estate secured adjustable rate loans from
Capital City Home Loans (“CCHL”), a related party.
 
Residential loan purchases from CCHL totaled $
51.1
 
million for the six month
period ended June 30, 2021, and were not credit
 
impaired.
 
In addition, during the second quarter of 2021, the Company
 
acquired a
pool of
10
 
individual commercial real estate loans from a third party bank
 
that totaled $
17.4
 
million and were not credit impaired.
 
 
Allowance for Credit Losses
.
 
The allowance for credit losses is calculated in accordance
 
with the current expected credit loss model,
ASC 326 (“CECL”),
 
which was adopted on January 1, 2020.
 
The allowance has two basic components: first, an asset-specific
component involving loans that do not share risk characteristics
 
and the measurement of expected credit losses for
 
such individual
loans; and second, a pooled component for expected credit
 
losses for pools of loans that share similar risk characteristics.
 
This
allowance methodology is discussed further in Note 1
 
– Business and Basis of Presentation/Significant Accounting
 
Policies in the
Company’s 2020 Form
 
10-K.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
The following table details the activity in the allowance
 
for credit losses by portfolio segment.
 
Allocation of a portion of the
allowance to one category of loans does not preclude
 
its availability to absorb losses in other categories.
 
 
Commercial,
Real Estate
Financial,
 
Real Estate
Commercial
 
Real Estate
Real Estate
(Dollars in Thousands)
Agricultural
Construction
Mortgage
Residential
Home Equity
Consumer
Total
Three Months Ended
June 30, 2021
Beginning Balance
$
1,957
$
2,254
$
6,956
$
5,204
$
2,575
$
3,080
$
22,026
Provision for Credit Losses
(56)
505
587
(1,030)
(114)
(76)
(184)
Charge-Offs
(32)
-
-
(65)
(74)
(670)
(841)
Recoveries
 
103
-
26
244
70
731
1,174
Net (Charge-Offs) Recoveries
71
-
26
179
(4)
61
333
Ending Balance
$
1,972
$