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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
March 31, 2023
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 April 28, 2023,
17,021,748
 
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 THREE MONTHS ENDED MARCH 31, 2023
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – March 31, 2023 and December 31, 2022
4
Consolidated Statements of Income – Three Months Ended March 31, 2023 and 2022
5
Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2023 and 2022
6
Consolidated Statements of Changes in Shareowners’ Equity – Three Months Ended March 31, 2023 and 2022
7
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2023 and 2022
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
30
 
 
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 2.
Unregistered Sales of Equity Securities and Use of Proceeds
45
 
 
Item 3.
Defaults Upon Senior Securities
46
Item 4.
Mine Safety Disclosure
46
Item 5.
Other Information
46
 
 
Item 6.
Exhibits
47
 
 
Signatures
 
48
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, 2022
 
(the “2022 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:
●
our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry;
●
legislative or regulatory changes;
●
adverse developments in the financial services industry generally, such as the recent bank failures and any related impact on depositor
behavior;
 
●
the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net
interest margin and ability to replace maturing deposits and advances, as necessary;
 
●
the effects of actions taken by governmental agencies to stabilize the recent volatility in the financial system and the effectiveness of such
actions;
 
●
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 our liquidity position;
●
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 loan segments, 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 (including pandemics, such
as the COVID-19 pandemic), 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;
●
the outcomes of litigation or regulatory proceedings;
●
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)
March 31,
December 31,
(Dollars in Thousands, Except Par Value)
2023
 
2022
ASSETS
 
 
Cash and Due From Banks
$
84,549
$
72,114
Federal Funds Sold and Interest Bearing Deposits
 
303,403
 
528,536
Total Cash and Cash Equivalents
 
387,952
 
600,650
 
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
438,068
 
and $
455,232
)
 
402,943
 
413,294
Investment Securities, Held to Maturity (fair value of $
612,200
 
and $
612,701
)
 
651,755
 
660,744
Equity Securities
1,883
 
10
Total Investment
 
Securities
 
1,056,581
 
1,074,048
 
Loans Held For Sale, at fair value
55,118
 
54,635
 
Loans Held for Investment
2,636,884
 
2,525,180
Allowance for Credit Losses
 
(26,507)
 
(24,736)
Loans Held for Investment, Net
 
2,610,377
 
2,500,444
 
 
 
Premises and Equipment, Net
 
82,055
 
82,138
Goodwill and Other Intangibles
 
93,053
 
93,093
Other Real Estate Owned
13
431
Other Assets
 
124,593
 
120,519
Total Assets
$
4,409,742
$
4,525,958
 
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,601,388
$
1,653,620
Interest Bearing Deposits
 
2,222,532
 
2,285,697
Total Deposits
 
3,823,920
 
3,939,317
 
 
 
Short-Term
 
Borrowings
 
26,632
56,793
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
463
513
Other Liabilities
 
85,878
73,675
Total Liabilities
3,989,780
4,123,185
Temporary Equity
8,722
8,757
 
 
 
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;
17,021,748
 
and
16,986,785
 
shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
170
170
Additional Paid-In Capital
 
37,512
37,331
Retained Earnings
 
405,634
393,744
Accumulated Other Comprehensive Loss, net of tax
 
(32,076)
(37,229)
Total Shareowners’
Equity
 
411,240
394,016
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,409,742
$
4,525,958
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 March 31,
(Dollars in Thousands, Except Per Share
 
Data)
2023
2022
INTEREST INCOME
Loans, including Fees
$
34,880
$
22,133
Investment Securities:
Taxable Securities
4,912
2,890
Tax Exempt Securities
12
6
Federal Funds Sold and Interest Bearing Deposits
4,111
409
Total Interest Income
43,915
25,438
INTEREST EXPENSE
Deposits
2,488
224
Short-Term
 
Borrowings
461
192
Subordinated Notes Payable
571
317
Other Long-Term
 
Borrowings
6
9
Total Interest Expense
3,526
742
NET INTEREST INCOME
40,389
24,696
Provision for Credit Losses
3,130
-
Net Interest Income After Provision for Credit Losses
37,259
24,696
NONINTEREST INCOME
Deposit Fees
5,239
5,191
Bank Card Fees
3,726
3,763
Wealth Management
 
Fees
3,928
6,070
Mortgage Banking Revenues
6,995
8,946
Other
2,360
1,848
Total Noninterest
 
Income
22,248
25,818
NONINTEREST EXPENSE
Compensation
25,636
24,856
Occupancy, Net
6,762
6,093
Other
8,057
8,284
Total Noninterest
 
Expense
40,455
39,233
INCOME BEFORE INCOME TAXES
19,052
11,281
Income Tax Expense
4,133
2,235
NET INCOME
$
14,919
$
9,046
Loss (Income) Attributable to Noncontrolling Interests
35
(591)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,954
$
8,455
BASIC NET INCOME PER SHARE
$
0.88
$
0.50
DILUTED NET INCOME PER SHARE
$
0.88
$
0.50
Average Basic Shares
 
Outstanding
17,016
16,931
Average Diluted
 
Shares Outstanding
17,045
16,946
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
March 31,
(Dollars in Thousands)
2023
2022
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,954
$
8,455
Other comprehensive income (loss), before
 
tax:
Investment Securities:
Change in net unrealized gain (loss) on securities available for sale
6,808
(25,448)
Amortization of unrealized losses on securities transferred from available
 
for sale to held to maturity
865
3
Derivative:
Change in net unrealized (loss) gain on effective cash flow
 
derivative
(801)
1,836
Benefit Plans:
Pension Settlement
-
209
Total Benefit Plans
-
209
Other comprehensive income (loss), before
 
tax
6,872
(23,400)
Deferred tax expense (benefit) related to other comprehensive income
1,719
(5,871)
Other comprehensive income (loss), net of tax
5,153
(17,529)
TOTAL COMPREHENSIVE
 
INCOME (LOSS)
$
20,107
$
(9,074)
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, January 1, 2023
16,986,785
$
170
$
37,331
$
393,744
$
(37,229)
$
394,016
Net Income Attributable to Common Shareowners
-
-
-
14,954
-
14,954
Other Comprehensive Income, net of tax
-
-
-
-
5,153
5,153
Cash Dividends ($
0.1800
 
per share)
-
-
-
(3,064)
-
(3,064)
Repurchase of Common Stock
(25,241)
-
(819)
-
-
(819)
Stock Based Compensation
-
-
536
-
-
536
Stock Compensation Plan Transactions, net
60,204
-
464
-
-
464
Balance, March 31, 2023
17,021,748
$
170
$
37,512
$
405,634
$
(32,076)
$
411,240
Balance, January 1, 2022
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common Shareowners
-
-
-
8,455
-
8,455
Other Comprehensive Loss, net of tax
-
-
-
-
(17,529)
(17,529)
Cash Dividends ($
0.1600
 
per share)
-
-
-
(2,712)
-
(2,712)
Stock Based Compensation
-
-
245
-
-
245
Stock Compensation Plan Transactions, net
55,542
-
520
-
-
520
Balance, March 31, 2022
16,947,602
$
169
$
35,188
$
370,531
$
(33,743)
$
372,145
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)
Three Months Ended March 31,
(Dollars in Thousands)
2023
2022
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
14,954
$
8,455
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
3,130
-
 
Depreciation
1,969
1,907
 
Amortization of Premiums, Discounts and Fees, net
1,080
2,907
 
Amortization of Intangible Asset
40
40
 
Pension Plan Settlement Charge
-
209
 
Originations of Loans Held-for-Sale
(212,085)
(246,887)
 
Proceeds From Sales of Loans Held-for-Sale
218,597
257,550
 
Mortgage Banking Revenues
(6,995)
(8,946)
 
Net Additions for Capitalized Mortgage Servicing Rights
(633)
227
 
Stock Compensation
536
245
 
Net Tax Benefit From Stock-Based
 
Compensation
-
(19)
 
Deferred Income Taxes
(747)
(6,167)
 
Net Change in Operating Leases
(3)
(27)
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
(1,858)
-
 
Net Decrease (Increase) in Other Assets
(4,349)
1,441
 
Net Increase in Other Liabilities
12,471
7,036
Net Cash Provided By Operating Activities
26,107
17,971
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
-
(194,448)
 
Proceeds from Payments, Maturities, and Calls
8,820
14,441
Securities Available for
 
Sale:
 
Purchases
(2,017)
(25,139)
 
Proceeds from Sale of Securities
-
3,365
 
Proceeds from Payments, Maturities, and Calls
16,559
24,824
Purchases of Loans Held for Investment
(121,029)
(26,713)
Net Decrease (Increase) in Loans Held for Investment
7,376
(28,405)
Proceeds From Sales of Other Real Estate Owned
2,699
-
Purchases of Premises and Equipment
(1,886)
(1,013)
Noncontrolling Interest Contributions
-
1,838
Net Cash Used In Investing Activities
(89,478)
(231,250)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (Decrease) Increase in Deposits
(115,397)
52,645
Net Decrease in Short-Term
 
Borrowings
(30,161)
(3,692)
Repayment of Other Long-Term
 
Borrowings
(50)
(78)
Dividends Paid
(3,064)
(2,712)
Payments to Repurchase Common Stock
(819)
-
Proceeds from Issuance of Common Stock Under Purchase Plans
164
190
Net Cash (Used In) Provided by Financing Activities
(149,327)
46,353
NET DECREASE IN CASH AND CASH EQUIVALENTS
(212,698)
(166,926)
Cash and Cash Equivalents at Beginning of Period
 
600,650
1,035,354
Cash and Cash Equivalents at End of Period
 
$
387,952
$
868,428
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
3,723
$
715
 
Income Taxes Paid
$
7,466
$
20
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
423
$
-
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 notes 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, 2022 has been derived from the audited consolidated financial
statements at that date, but does not include all of the information and notes
 
required by generally accepted accounting principles for
complete financial statements.
 
For further information, refer to the consolidated financial statements and notes
 
thereto included in the
Company’s annual report
 
on Form 10-K for the year ended December 31, 2022.
Accounting Standards Updates
Adoption of New Accounting Standard,
 
On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2022-02,
“Financial Instruments – Credit Losses (Topic
 
326), Troubled Debt Restructurings and Vintage
 
Disclosures.” ASU 2022-02 eliminates
the accounting guidance for troubled debt restructurings in Accounting
 
Standards Codification (“ASC”) 310-40, “Receivables -
Troubled Debt Restructurings by Creditors
 
”
 
for entities that have adopted the current expected credit loss model introduced
 
by ASU
2016-13, “Financial Instruments – Credit Losses (Topic
 
326), Measurement of Credit Losses on Financial Instruments.”
 
ASU 2022-
02 also requires that public business entities disclose current-period
 
gross charge-offs by year of origination for financing receivables
and net investments in leases within the scope of Subtopic 326-20, “Financial
 
Instruments—Credit Losses—Measured at Amortized
Cost.”
Proposed Accounting Standards
,
ASU
 
2023-01, “Leases (Topic
 
842)
:
 
Common Control Arrangements.” ASU 2023-01 requires
entities to amortize leasehold improvements associated with common control
 
leases over the useful life to the common control group.
ASU 2023-01 also provides certain practical expedients applicable to private
 
companies and not-for-profit organizations. ASU 2023-
01 will be effective for us on January 1, 2024, though early adoption
 
is permitted. The Company is evaluating the effect that ASU
2023-01 will have on its consolidated financial statements and related disclosures.
ASU No.
 
2023-02, “Investments—Equity Method and Joint Ventures
 
(Topic
 
323)
: Accounting for Investments in Tax
 
Credit
Structures Using the Proportional Amortization Method.” ASU 2023-02
 
is intended to improve the accounting and disclosures for
investments in tax credit structures. ASU 2023-02 allows entities to elect to account
 
for qualifying tax equity investments using the
proportional amortization method, regardless of the program giving
 
rise to the related income tax credits. Previously,
 
this method was
only available for qualifying tax equity investments in low-income
 
housing tax credit structures. ASU 2023-02 will be effective for us
on January 1, 2024, though early adoption is permitted.
 
The Company is evaluating the effect that ASU 2023-02 will have on its
consolidated financial statements and related disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value of investment
securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)
 
and the corresponding amounts of gross
 
unrealized gains and losses.
Available for
 
Sale
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
March 31, 2023
U.S. Government Treasury
$
23,984
$
-
$
1,611
$
-
$
22,373
U.S. Government Agency
184,294
127
10,131
-
174,290
States and Political Subdivisions
47,143
7
5,663
(8)
41,479
Mortgage-Backed Securities
(1)
79,148
3
10,137
-
69,014
Corporate Debt Securities
96,144
34
7,718
(28)
88,432
Other Securities
(2)
7,355
-
-
-
7,355
Total
 
$
438,068
$
171
$
35,260
$
(36)
$
402,943
December 31, 2022
U.S. Government Treasury
$
23,977
$
1
$
1,928
$
-
$
22,050
U.S. Government Agency
198,888
27
12,863
-
186,052
States and Political Subdivisions
47,197
-
6,855
(13)
40,329
Mortgage-Backed Securities
(1)
80,829
2
11,426
-
69,405
Corporate Debt Securities
97,119
19
8,874
(28)
88,236
Other Securities
(2)
7,222
-
-
-
7,222
Total
 
$
455,232
$
49
$
41,946
$
(41)
$
413,294
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2023
U.S. Government Treasury
$
457,446
$
-
$
20,272
$
437,174
Mortgage-Backed Securities
(1)
194,309
19
19,302
175,026
Total
 
$
651,755
$
19
$
39,574
$
612,200
December 31, 2022
U.S. Government Treasury
$
457,374
$
-
$
25,641
$
431,733
Mortgage-Backed Securities
(1)
203,370
8
22,410
180,968
Total
 
$
660,744
$
8
$
48,051
$
612,701
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock,
 
recorded at cost of $
2.3
 
million and $
5.1
 
million,
respectively,
 
at March 31, 2023 and $
2.1
 
million and $
5.1
 
million, respectively,
 
at December 31, 2022.
At March 31, 2023 and December 31, 2022, the investment portfolio had $
1.9
 
million and $
0.01
 
million, respectively in equity
securities. These securities do not have a readily determinable fair value
 
and were not credit impaired.
 
Securities with an amortized cost of $
660.1
 
million and $
656.1
 
million at March 31, 2023 and December 31, 2022, 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
other securities,
 
is pledged to secure FHLB advances.
 
No ready market exists for this stock, and it has no quoted fair value; however,
redemption of this stock has historically been at par value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
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.
 
During the third quarter of 2022, the Company transferred certain securities from
 
the AFS to HTM classification.
 
Transfers are made
at fair value on the date of the transfer.
 
The
33
 
securities had an amortized cost basis and fair value of $
168.4
 
million and $
159.0
million, respectively at the time of transfer.
 
The net unamortized, unrealized loss on the transferred securities included in
 
accumulated
other comprehensive loss in the accompanying balance sheet at March
 
31, 2023 totaled $
7.1
 
million.
 
This amount will continue to be
amortized out of accumulated other comprehensive loss over the remaining
 
life of the underlying securities as an adjustment of the
yield on those securities.
Investment Sales.
There were no significant sales of investment securities for the three months ended
 
March 31, 2023 and $
3.4
 
million
in sales of investment securities for the three months ended March 31, 2022.
Maturity Distribution
.
 
At March 31, 2023, 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 (“MBS”) 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
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
36,233
 
$
35,696
 
$
-
 
$
-
Due after one year through five years
 
159,994
 
 
147,344
 
 
457,446
 
 
437,174
Due after five year through ten years
 
50,961
 
 
42,970
 
 
-
 
 
-
Mortgage-Backed Securities
79,148
69,014
194,309
175,026
U.S. Government Agency
 
104,377
 
 
100,564
 
 
-
 
 
-
Other Securities
 
7,355
 
 
7,355
 
 
-
 
 
-
Total
 
$
438,068
 
$
402,943
 
$
651,755
 
$
612,200
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
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
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
March 31, 2023
Available for
 
Sale
U.S. Government Treasury
$
994
 
$
-
 
$
19,481
 
$
1,611
 
$
20,475
 
$
1,611
U.S. Government Agency
29,035
354
133,057
9,777
162,092
10,131
States and Political Subdivisions
-
 
-
 
39,905
 
5,663
 
39,905
 
5,663
Mortgage-Backed Securities
-
 
-
 
68,892
 
10,137
 
68,892
 
10,137
Corporate Debt Securities
10,009
 
215
 
74,472
 
7,503
 
84,481
 
7,718
Total
 
$
40,038
 
$
569
 
$
335,807
 
$
34,691
 
$
375,845
 
$
35,260
 
Held to Maturity
U.S. Government Treasury
 
4,827
 
106
 
 
432,346
 
20,166
 
 
437,173
 
 
20,272
Mortgage-Backed Securities
9,360
 
297
 
164,217
 
19,005
 
173,577
 
19,302
Total
 
$
14,187
 
$
403
 
$
596,563
 
$
39,171
 
$
610,750
 
$
39,574
December 31, 2022
Available for
 
Sale
 
U.S. Government Treasury
$
983
 
$
-
 
$
19,189
 
$
1,928
 
$
20,172
 
$
1,928
U.S. Government Agency
63,112
2,572
113,004
10,291
176,116
12,863
States and Political Subdivisions
 
1,425
 
 
2
 
 
38,760
 
 
6,853
 
 
40,185
 
 
6,855
Mortgage-Backed Securities
6,594
959
60,458
10,467
67,052
11,426
Corporate Debt Securities
26,959
878
58,601
7,996
85,560
8,874
Total
 
$
99,073
 
$
4,411
 
$
290,012
 
$
37,535
 
$
389,085
 
$
41,946
 
Held to Maturity
U.S. Government Treasury
 
177,552
 
 
11,018
 
 
254,181
 
 
14,623
 
 
431,733
 
 
25,641
Mortgage-Backed Securities
88,723
6,814
91,462
15,596
180,185
22,410
Total
 
$
266,275
 
$
17,832
 
$
345,643
 
$
30,219
 
$
611,918
 
$
48,051
At March 31, 2023, there were
896
 
positions (combined AFS and HTM) with unrealized losses totaling $
74.8
 
million.
 
87
 
of these
positions are U.S. Treasury bonds and carry
 
the full faith and credit of the U.S. Government.
 
684
 
are U.S. government agency
securities issued by U.S. government sponsored entities.
 
We believe
 
the long history of no credit losses on government securities
indicates that the expectation of nonpayment of the amortized cost basis is effectively
 
zero.
 
The remaining
125
 
positions (municipal
securities and corporate bonds) have a credit component.
 
At March 31, 2023, all collateralized mortgage obligation securities
(“CMO”), MBS, Small Business Administration securities (“SBA”), U.S. Agency,
 
and U.S. Treasury bonds held were AAA rated.
 
At
March 31, 2023, corporate debt securities had an allowance for credit losses of
 
$
28,000
 
and municipal securities had an allowance of
$
8,000
.
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
effectively 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
no
t assess or record expected credit losses due to the zero loss assumption.
 
The Company monitors the credit quality of its
municipal and corporate securities portfolio via credit ratings
 
which are updated on a quarterly basis.
 
On a quarterly basis, municipal
and corporate 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
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)
March 31, 2023
 
December 31, 2022
Commercial, Financial and Agricultural
$
236,263
 
$
247,362
Real Estate – Construction
 
253,903
 
 
234,519
Real Estate – Commercial Mortgage
 
798,438
 
 
782,557
Real Estate – Residential
(1)
 
834,784
 
 
727,105
Real Estate – Home Equity
 
207,241
 
 
208,120
Consumer
(2)
 
306,255
 
 
325,517
Loans Held For Investment, Net of Unearned Income
$
2,636,884
 
$
2,525,180
(1)
Includes loans in process balances of $
8.5
 
million and $
6.1
 
million at March 31, 2023 and December 31,
 
2022, respectively.
(2)
Includes overdraft balances of $
0.9
 
million and $
1.1
 
million at March 31, 2023 and December 31, 2022,
 
respectively.
 
Net deferred loan costs, which include premiums on purchased loans,
 
included in loans were $
12.5
 
million at March 31, 2023 and
$
10.8
 
million at December 31, 2022.
Accrued interest receivable on loans which is excluded from amortized
 
cost totaled $
8.6
 
million at March 31, 2023 and $
8.0
 
million at
December 31, 2022, 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.
Loan Purchase and Sales
.
 
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 $
120.1
 
million and
$
26.3
 
million for the three months ended March 31, 2023 and March 31, 2022, respectively,
 
and were not credit impaired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14
Allowance for Credit Losses
.
 
The methodology for estimating the amount of credit losses reported in the
 
allowance for credit losses
(“ACL”) 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 – Significant
 
Accounting
Policies in the Company’s 2022 Form
 
10-K.
 
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
March 31, 2023
Beginning Balance
$
1,506
$
2,654
$
4,815
$
10,409
$
1,864
$
3,488
$
24,736
Provision for Credit Losses
78
704
7
1,183
(10)
1,329
3,291
Charge-Offs
(164)
-
(120)
-
-
(2,366)
(2,650)
Recoveries
 
95
1
8
57
25
944
1,130
Net (Charge-Offs) Recoveries
(69)
1
(112)
57
25
(1,422)
(1,520)
Ending Balance
$
1,515
$
3,359
$
4,710
$
11,649
$
1,879
$
3,395
$
26,507
Three Months Ended
March 31, 2022
Beginning Balance
$
2,191
$
3,302
$
5,810
$
4,129
$
2,296
$
3,878
$
21,606
Provision for Credit Losses
(161)
(714)
(181)
314
(405)
1,068
(79)
Charge-Offs
(73)
-
(266)
-
(33)
(1,402)
(1,774)
Recoveries
 
165
8
29
27
58
716
1,003
Net (Charge-Offs) Recoveries
92
8
(237)
27
25
(686)
(771)
Ending Balance
$
2,122
$
2,596
$
5,392
$
4,470
$
1,916
$
4,260
$
20,756
For the three months ended March 31, 2023, the allowance for HFI loans
 
increased by $
1.8
 
million and reflected a provision expense
of $
3.3
 
million and net loan charge-offs of $
1.5
 
million.
 
The increase was primarily driven by incremental reserves needed for loan
growth.
 
For the three months ended March 31, 2022, the allowance decreased by $
0.9
 
million and reflected a provision benefit of
$
0.1
 
million and net loan charge-offs of $
0.8
 
million.
 
The decrease reflected improvement in the forecasted level of unemployment
and its potential effect on rates of default.
 
Four unemployment forecast scenarios were utilized to estimate probability
 
of default and
are weighted based on management’s
 
estimate of probability.
 
See Note 8 – Commitments and Contingencies for information on the
allowance for off-balance sheet credit commitments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
Loan Portfolio Aging.
 
A loan is defined as a past due loan when one full payment is past due or a contractual maturity
 
is over 30 days
past due (“DPD”).
The following table presents the aging of the amortized cost basis in accruing
 
past due loans by class of loans.
30-59
 
60-89
 
90 +
 
Total
Total
Nonaccrual
Total
(Dollars in Thousands)
DPD
DPD
DPD
Past Due
Current
Loans
Loans
March 31, 2023
Commercial, Financial and Agricultural
$
248
$
4
$
-
$
252
$
235,999
$
12
$
236,263
Real Estate – Construction
 
1,137
-
-
1,137
252,766
-
253,903
Real Estate – Commercial Mortgage
 
64
66
-
130
795,747
2,561
798,438
Real Estate – Residential
(1)
 
1,040
-
-
1,040
832,978
766