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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
September 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 October 28, 2021,
16,878,303
 
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 SEPTEMBER 30, 2021
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – September 30, 2021 and December 31, 2020
4
Consolidated Statements of Income – Three and Nine Months Ended September 30, 2021 and 2020
5
Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2021 and 2020
6
Consolidated Statements of Changes in Shareowners’ Equity – Three and Nine Months Ended September 30, 2021 and 2020
7
Consolidated Statements of Cash Flows – Nine Months Ended September 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
44
 
 
Item 4.
Controls and Procedures
44
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
44
 
 
Item 1A.
Risk Factors
44
 
 
 
 
Item 3.
Defaults Upon Senior Securities
44
Item 4.
Mine Safety Disclosure
44
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 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;
potential attrition due to the recent
 
U.S. presidential directive to OSHA that requires employers with 100 or more employees to ensure
that their employees are fully vaccinated against COVID-19 or are tested weekly;
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)
September 30,
December 31,
(Dollars in Thousands, Except Par Value)
2021
 
2020
ASSETS
 
 
Cash and Due From Banks
$
73,132
$
67,919
Funds Sold
 
708,988
 
860,630
Total Cash and Cash Equivalents
 
782,120
 
928,549
 
 
Investment Securities, Available
 
for Sale, at fair value
 
645,844
 
324,870
Investment Securities, Held to Maturity (fair value of $
344,285
 
and $
175,175
)
 
341,228
 
169,939
Total Investment
 
Securities
 
987,072
 
494,809
 
Loans Held For Sale, at fair value
77,036
 
114,039
 
Loans Held for Investment
1,941,425
 
2,006,426
Allowance for Credit Losses
 
(21,500)
 
(23,816)
Loans Held for Investment, Net
 
1,919,925
 
1,982,610
 
 
Premises and Equipment, Net
 
84,750
 
86,791
Goodwill and Other Intangibles
 
93,293
 
89,095
Other Real Estate Owned
192
808
Other Assets
 
104,345
 
101,370
Total Assets
$
4,048,733
$
3,798,071
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,592,345
$
1,328,809
Interest Bearing Deposits
 
1,873,617
 
1,888,751
Total Deposits
 
3,465,962
 
3,217,560
 
 
Short-Term
 
Borrowings
 
51,410
 
79,654
Subordinated Notes Payable
 
52,887
 
52,887
Other Long-Term
 
Borrowings
 
1,610
 
3,057
Other Liabilities
 
113,720
 
102,076
Total Liabilities
 
3,685,589
 
3,455,234
Temporary Equity
14,276
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;
16,878,303
 
and
16,790,573
 
shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
169
168
Additional Paid-In Capital
 
33,876
 
32,283
Retained Earnings
 
359,550
 
332,528
Accumulated Other Comprehensive Loss, net of tax
 
(44,727)
 
(44,142)
Total Shareowners’
 
Equity
 
348,868
 
320,837
Total Liabilities, Temporary
 
Equity, and Shareowners' Equity
$
4,048,733
$
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
 
September 30,
Nine Months Ended
 
September 30,
(Dollars in Thousands, Except Per Share
 
Data)
2021
2020
2021
2020
INTEREST INCOME
Loans, including Fees
$
25,885
$
23,594
$
73,817
$
70,874
Investment Securities:
Taxable
2,332
2,400
6,231
8,105
Tax Exempt
18
26
56
73
Funds Sold
 
285
146
698
991
Total Interest Income
28,520
26,166
80,802
80,043
INTEREST EXPENSE
Deposits
210
190
626
1,347
Short-Term
 
Borrowings
317
498
1,053
1,051
Subordinated Notes Payable
307
316
922
1,161
Other Long-Term
 
Borrowings
14
40
51
131
Total Interest Expense
848
1,044
2,652
3,690
NET INTEREST INCOME
27,672
25,122
78,150
76,353
Provision for Credit Losses
-
1,308
(1,553)
8,303
Net Interest Income After Provision For Credit Losses
27,672
23,814
79,703
68,050
NONINTEREST INCOME
Deposit Fees
5,075
4,316
13,582
13,087
Bank Card Fees
3,786
3,389
11,402
9,582
Wealth Management
 
Fees
3,623
2,808
9,987
7,966
Mortgage Banking Revenues
12,283
22,983
42,625
45,633
Other
1,807
1,469
5,277
4,374
Total Noninterest
 
Income
26,574
34,965
82,873
80,642
NONINTEREST EXPENSE
Compensation
25,245
26,164
76,687
69,558
Occupancy, Net
6,032
5,906
17,972
16,683
Other Real Estate Owned, Net
 
(1,126)
219
(1,514)
(463)
Pension Settlement
500
-
2,500
-
Other
9,051
8,053
26,656
22,836
Total Noninterest
 
Expense
39,702
40,342
122,301
108,614
INCOME BEFORE INCOME TAXES
14,544
18,437
40,275
40,078
Income Tax Expense
2,949
3,165
7,795
7,397
NET INCOME
11,595
15,272
32,480
32,681
Pre-Tax Income
 
Attributable to Noncontrolling Interests
(1,504)
(4,875)
(5,456)
(8,851)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
10,091
$
10,397
$
27,024
$
23,830
BASIC NET INCOME PER SHARE
$
0.60
$
0.62
$
1.60
$
1.42
DILUTED NET INCOME PER SHARE
$
0.60
$
0.62
$
1.60
$
1.42
Average Common
 
Basic Shares Outstanding
16,875
16,771
16,857
16,792
Average Common
 
Diluted Shares Outstanding
16,909
16,810
16,886
16,823
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
Nine Months Ended
September 30,
September 30,
(Dollars in Thousands)
2021
2020
2021
2020
NET INCOME
$
10,091
$
10,397
$
27,024
$
23,830
Other comprehensive income, before
 
tax:
Investment Securities:
Change in net unrealized gain/loss on securities available for sale
(1,935)
(763)
(4,361)
3,217
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
172
157
1,378
52
Benefit Plans:
Reclassification adjustment for service cost
-
-
24
-
Actuarial gain
-
-
166
-
Defined benefit plan settlement
-
-
2,000
-
Total Benefit Plans
-
-
2,190
-
Other comprehensive (loss) income, before
 
tax
(1,763)
(606)
(793)
3,269
Deferred tax (benefit) expense related to other comprehensive income
(459)
(149)
(208)
801
Other comprehensive (loss) income, net of tax
(1,304)
(457)
(585)
2,468
TOTAL COMPREHENSIVE
 
INCOME
$
8,787
$
9,940
$
26,439
$
26,298
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, July 1, 2021
16,874,279
$
169
$
33,560
$
345,574
$
(43,423)
$
335,880
Net Income
-
-
-
10,091
-
10,091
Reclassification to Temporary
 
Equity
(1)
-
-
-
6,585
-
6,585
Other Comprehensive Loss, net of tax
-
-
-
-
(1,304)
(1,304)
Cash Dividends ($
0.1600
 
per share)
-
-
-
(2,700)
-
(2,700)
Stock Based Compensation
-
-
219
-
-
219
Stock Compensation Plan Transactions, net
4,024
-
97
-
-
97
Balance, September 30, 2021
16,878,303
$
169
$
33,876
$
359,550
$
(44,727)
$
348,868
Balance, July 1, 2020
16,780,276
$
168
$
31,575
$
328,570
$
(25,256)
$
335,057
Net Income
-
-
-
10,397
-
10,397
Reclassification to Temporary
 
Equity
(1)
-
-
-
(3,075)
-
(3,075)
Other Comprehensive Loss, net of tax
-
-
-
-
(457)
(457)
Cash Dividends ($
0.1400
 
per share)
-
-
-
(2,347)
-
(2,347)
Repurchase of Common Stock
(23,000)
-
(472)
-
-
(472)
Stock Based Compensation
-
-
242
-
-
242
Stock Compensation Plan Transactions, net
4,188
-
80
-
-
80
Balance, September 30, 2020
16,761,464
$
168
$
31,425
$
333,545
$
(25,713)
$
339,425
Balance, January 1, 2021
16,790,573
$
168
$
32,283
$
332,528
$
(44,142)
$
320,837
Net Income
-
-
-
27,024
-
27,024
Reclassification to Temporary
 
Equity
(1)
-
-
-
7,756
-
7,756
Other Comprehensive Loss, net of tax
-
-
-
-
(585)
(585)
Cash Dividends ($
0.4600
 
per share)
-
-
-
(7,758)
-
(7,758)
Stock Based Compensation
-
-
657
-
-
657
Stock Compensation Plan Transactions, net
87,730
1
936
-
-
937
Balance, September 30, 2021
16,878,303
$
169
$
33,876
$
359,550
$
(44,727)
$
348,868
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
-
-
-
23,830
-
23,830
Reclassification to Temporary
 
Equity
(1)
-
-
-
(3,075)
-
(3,075)
Other Comprehensive Income, net of tax
-
-
-
-
2,468
2,468
Cash Dividends ($
0.4200
 
per share)
-
-
-
(7,052)
-
(7,052)
Repurchase of Common Stock
(99,952)
(1)
(2,042)
-
-
(2,043)
Stock Based Compensation
-
-
610
-
-
610
Stock Compensation Plan Transactions, net
89,872
1
765
-
-
766
Balance, September 30, 2020
16,761,464
$
168
$
31,425
$
333,545
$
(25,713)
$
339,425
(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)
Nine Months Ended September 30,
(Dollars in Thousands)
2021
2020
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income
 
$
27,024
$
23,830
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
(1,553)
8,303
 
Depreciation
5,666
5,174
 
Amortization of Premiums, Discounts and Fees, net
11,401
5,256
 
Amortization of Intangible Asset
80
-
 
Pension Plan Settlement Charges
2,500
-
 
Originations of Loans Held-for-Sale
(1,247,119)
(561,609)
 
Proceeds From Sales of Loans Held-for-Sale
1,326,747
500,190
 
Net Gain From Sales of Loans Held-for-Sale
(42,625)
(45,633)
 
Net Additions for Capitalized Mortgage Servicing Rights
138
-
 
Change in Valuation
 
Provision for Mortgage Servicing Rights
(250)
-
 
Stock Compensation
657
610
 
Net Tax Benefit From Stock-Based
 
Compensation
(4)
(84)
 
Deferred Income Taxes
(3,085)
(1,127)
 
Net Change in Operating Leases
(122)
811
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
(1,640)
(876)
 
Net Decrease (Increase) in Other Assets
70
(23,482)
 
Net Increase in Other Liabilities
8,283
32,808
Net Cash Provided By (Used In) Operating Activities
86,168
(55,829)
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(235,356)
(32,250)
 
Payments, Maturities, and Calls
61,673
67,245
Securities Available for
 
Sale:
 
Purchases
(478,000)
(77,775)
 
Payments, Maturities, and Calls
148,968
153,702
Purchases of Loans Held for Investment
(92,336)
(29,538)
Net Decrease (Increase) in Loans Held for Investment
150,590
(134,416)
Net Cash Paid for Acquisitions
(4,482)
(2,405)
Proceeds From Sales of Other Real Estate Owned
3,892
2,558
Purchases of Premises and Equipment
(4,590)
(7,842)
Noncontrolling Interest Contributions
5,424
2,091
Net Cash Used In Investing Activities
(444,217)
(58,630)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
248,402
363,992
Net (Decrease) Increase in Short-Term
 
Borrowings
(28,458)
84,438
Repayment of Other Long-Term
 
Borrowings
(1,233)
(1,152)
Dividends Paid
(7,758)
(7,052)
Payments to Repurchase Common Stock
-
(2,043)
Issuance of Common Stock Under Purchase Plans
667
466
Net Cash Provided By Financing Activities
211,620
438,649
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(146,429)
324,190
Cash and Cash Equivalents at Beginning of Period
 
928,549
378,423
Cash and Cash Equivalents at End of Period
 
$
782,120
$
702,613
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
2,679
$
3,673
 
Income Taxes Paid
$
12,759
$
6,991
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
1,636
$
1,956
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.
 
CCBG 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.
September 30, 2021
December 31, 2020
Amortized
Unrealized
Unrealized
Market
Amortized
Unrealized
Unrealized
Market
(Dollars in Thousands)
Cost
Gains
Losses
Value
Cost
Gain
Losses
Value
Available for
 
Sale
U.S. Government Treasury
$
164,806
$
90
$
849
$
164,047
$
103,547
$
972
$
-
$
104,519
U.S. Government Agency
249,649
1,793
970
250,472
205,972
2,743
184
208,531
States and Political Subdivisions
43,834
69
357
43,546
3,543
89
-
3,632
Mortgage-Backed Securities
(1)
97,131
240
164
97,207
456
59
-
515
Corporate Debt Securities
84,331
13
567
83,777
-
-
-
-
Equity Securities
(2)
6,795
-
-
6,795
7,673
-
-
7,673
Total
 
$
646,546
$
2,205
$
2,907
$
645,844
$
321,191
$
3,863
$
184
$
324,870
Held to Maturity
U.S. Government Treasury
$
115,903
$
-
$
348
$
115,555
$
5,001
$
13
$
-
$
5,014
Mortgage-Backed Securities
225,325
3,941
536
228,730
164,938
5,223
-
170,161
Total
 
$
341,228
$
3,941
$
884
$
344,285
$
169,939
$
5,236
$
-
$
175,175
Total Investment
 
Securities
$
987,774
$
6,146
$
3,791
$
990,129
$
491,130
$
9,099
$
184
$
500,045
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
 
at cost of $
2.0
 
million and $
4.8
 
million,
respectively,
 
at September 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 $
312.3
 
million and $
308.2
 
million at September 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 September 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
$
39,614
 
$
39,423
 
$
-
 
$
-
Due after one year through five years
 
264,747
 
 
263,661
 
 
115,903
 
 
115,555
Due after five year through ten years
 
66,347
 
 
65,614
 
 
-
 
 
-
Mortgage-Backed Securities
97,131
97,207
225,325
228,730
U.S. Government Agency
 
171,912
 
 
173,144
 
 
-
 
 
-
Equity Securities
 
6,795
 
 
6,795
 
 
-
 
 
-
Total
 
$
646,546
 
$
645,844
 
$
341,228
 
$
344,285
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
September 30, 2021
Available for
 
Sale
U.S. Government Treasury
$
143,394
 
$
849
 
$
-
 
$
-
 
$
143,394
 
$
849
U.S. Government Agency
118,969
859
12,168
111
131,137
970
States and Political Subdivisions
27,355
 
357
 
-
 
-
 
27,355
 
357
Mortgage-Backed Securities
40,012
 
164
 
-
 
-
 
40,012
 
164
Corporate Debt Securities
57,304
 
567
 
-
 
-
 
57,304
 
567
Total
 
387,034
 
2,796
 
12,168
 
111
 
399,202
 
2,907
 
Held to Maturity
U.S. Government Treasury
 
115,555
 
348
 
 
-
 
-
 
 
115,555
 
 
348
Mortgage-Backed Securities
93,023
 
536
 
-
 
-
 
93,023
 
536
Total
 
$
208,578
 
$
884
 
$
-
 
$
-
 
$
208,578
 
$
884
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 September 30, 2021, there were
288
 
positions (combined Available-for-Sale
 
and Held-to-Maturity) with unrealized losses totaling
$
3.8
 
million.
206
 
of these positions were U.S. government agency securities issued by U.S. government
 
sponsored entities.
 
Municipal
securities totaled
29
 
positions.
 
The declines in the market value of these securities were attributable to changes in interest rates and
not credit quality.
 
The remaining
53
 
positions were corporate debt securities.
 
A majority of the decline in the market value of these
securities were attributable to changes in interest rates.
 
These investment securities had allowance for credit losses totaling $
16,000
 
at
September 30, 2021.
 
None of the securities held by the Company were past due or in nonaccrual status at
 
September 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)
September 30, 2021
 
December 31, 2020
Commercial, Financial and Agricultural
$
218,929
 
$
393,930
Real Estate – Construction
 
177,443
 
 
135,831
Real Estate – Commercial Mortgage
 
683,379
 
 
648,393
Real Estate – Residential
(1)
 
362,750
 
 
352,543
Real Estate – Home Equity
 
187,642
 
 
205,479
Consumer
(2)
 
311,282
 
 
270,250
Loans HFI, Net of Unearned Income
$
1,941,425
 
$
2,006,426
(1)
Includes loans in process with outstanding balances
 
of $
7.1
 
million and $
10.9
 
million at September 30, 2021 and December 31,
2020,
 
respectively.
(2)
Includes overdraft balances of $
1.3
 
million and $
0.7
 
million at September 30, 2021 and December 31, 2020, respectively.
 
Net deferred loan costs, which include premiums on purchased loans,
 
included in loans were $
3.7
 
million at September 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 $
5.6
 
million at September 30, 2021 and $